Question
Johnnys Car Repair Shop started the year with total assets of $60,000 and total liabilities of $40,000. During the year the business recorded $100,000 in
Johnnys Car Repair Shop started the year with total assets of $60,000 and total liabilities of $40,000. During the year the business recorded $100,000 in car repair revenues, $55,000 in expenses, and dividends of $10,000.
The net income reported by Johnnys Car Repair Shop for the year was
- $35,000.
- $45,000.
- $20,000.
- $90,000.
- none of the options listed
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College Accounting Chapters 1-24
Authors: Tracie L Nobles, Cathy Scott
11th Edition
1111528306, 978-1111528300
