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3. Martin and Reynolds provides hair cutting services in the local community. In January, the business incurred the following operating costs to cut the hair

3. Martin and Reynolds provides hair cutting services in the local community. In January, the business incurred the following operating costs to cut the hair of 220 clients:

Martin and Reynolds earned $4,900 in revenues from haircuts for the month of January.

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R1. What is the net operating income for the month?

R2. What is the cost of one haircut?

Hair supplies expense. 700 100 60

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