During the month of February, Tom had the following transactions involving revenue and expenses: Paid $75 phone

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During the month of February, Tom had the following transactions involving revenue and expenses:

Paid $75 phone bill

Provided services to clients for $1,200 cash

Paid salaries of $650 to employees

Paid $125 for computer maintenance

Provided services on account totaling $2,000

What was Tom’s net income or net loss for the period?

a. Net Income $350

b. Net Loss $1,650

c. Net Income $2,350

d. Net Income $3,200

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Glencoe Accounting First Year Course

ISBN: 9780078688294

1st Edition

Authors: Andrée Vary

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Question Posted: Jun 10, 2022 12:25 AM

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During the month of February, Tom had the following transactions involving revenue and expenses: Paid $75 phone

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d Net Income 3200 Explanation To calculate Toms net income we need to su...View the full answer

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