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Jimmy s Repair Shop started the year with total assets of $ 2 0 0 , 0 0 0 and total liabilities of $ 1

Jimmy

s Repair Shop started the year with total assets of $

200, 000

and total liabilities of $

160, 000 .

During the year the business recorded $

420, 000

in revenues, $

220, 000

in expenses. What was the net income reported by Jimmy

s Repair Shop for the year?

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