Provide correct answer this general accounting question The financial statements for Bradley Industries contained the followinginformation:-Accounts receivable = $6,500-Sales revenue = $90,000-Cash $20,000-Salaries and wages expense = $25,000-Rent expense = $12,000How much was Bradley Industries' net income?

Step 1: Define Net IncomeNet income represents a company's total earnings after deducting all…

Answered: The financial statements for Bradley…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The financial statements for Bradley Industries contained the following information: -Accounts receivable = $6,500 -Sales revenue = $90,000 -Cash $20,000 -Salaries and wages expense = $25,000 -Rent expense = $12,000 How much was Bradley Industries' net income?