ABC Inc. billed customers 550,000 and had $10,000 of selling expenses and $20,000 of administrative expenses. Assume cost of services billed was $5,000. What is ABC's net income? Quiz Select one: a. $15,000 1. $30,000 c. $80,000 d. 535.000 Managerial reports require independent examination. Select one: O True O False in financial accounting, the focus is on being reliable and objective about past performance. In managerial accounting, the focus is on the future and providing relevant financial information to management Select one: True O False