SWFT Individual Income Taxes
43rd Edition
ISBN: 9780357391365
Author: YOUNG
Publisher: Cengage
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XYZ Services started the year with total assets of $200,000 and total
liabilities of $80,000. The company is a sole proprietorship. The revenues
and expenses for the year amounted to $140,000 and $90,000,
respectively. During the year, there were no new capital contributions,
and the owner withdrew $55,000.
What is XYZ's net income for the year?
What was the predetermined overhead allocation rate ??
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