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7. The following information was collected in preparation of the company's budgeted income statement: Wages...

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7. The following information was collected in preparation of the company's budgeted income statement: Wages Expense, $20,000; Sales, $100,000; Depreciation Expense, $10,000; Accounts Receivable, $25,000; Cost of Goods Sold, $40,000. Budgeted net income would be: A. $5,000 B. $30,000 C. $55,000 D. $100,000

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