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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,

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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 .The net income reported by Jimmy's Repair Shop for the year was 1) $160,000 2)$200,000 3)$120,000. 4) $380,000. Save

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