Wexler, Inc.’s income statement showed total expenses for the year to be $50,000. If the com-pany’s revenues for the year were $125,000 and its year-end cash balance was $35,000, what was Wexler’s net income for the year?

Wexler, Inc.’s income statement showed total expenses for the year to be $50,000. If the com-pany’s revenues for the year were $125,000 and its year-end cash balance was $35,000, what was Wexler’s net income for the year?

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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Question

Wexler, Inc.’s income statement showed total expenses for the year to be $50,000. If the com-
pany’s revenues for the year were $125,000 and its year-end cash balance was $35,000, what was

Wexler’s net income for the year?

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