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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

Jimmys 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 Jimmys Repair Shop for the year?

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Question

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

Jimmys 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 Jimmys Repair Shop for the year?

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Accounting What the Numbers Mean

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Jimmys 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 Jimmys Repair Shop for the year?