Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. abc company started the year with total assets of

ABC Company started the year with total assets of $70,000 and total liabilities of $50,000....

80.2K

Verified Solution

Question

Accounting

ABC Company started the year with total assets of $70,000 and total liabilities of $50,000. During the year the business recorded $150,000 in sales, $85,000 in expenses, and dividends of $10,000. The net income reported by ABC Company for the year was: *

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Electrical Engineering
1.2K views

With the aid of an appropriate circuit, explain the use of potential dividers for measuring AC high...

Physics
1.2K views

A magnet is made to oscillate with a particular frequency through a coil as shown...

Statistics
1.2K views

erform the matrix multiplication below 9 1 2 1 15 0 19 3 11 9...

Algebra
1.2K views

An oil tanker can be emptied by the main pump in 5 hours. An auxiliary...

Accounting
1.2K views

Explain the difference between deductions and credits. What is more advantageous: a $3,000...

Accounting
1.2K views

Hello, I need help with part D of this assignment. Thank you! ...

Accounting
1.2K views

ETHICS Lisa is the sole proprietor of a business that man ufactures solar panels This...

Accounting
1.2K views

Partners Bob and Don have agreed to share profits and losses in an 80:20 ratio...

Accounting
1.2K views

Depreciation by Two Methods A Kubota tractor acquired on January 8 at a cost of...

Accounting
1.2K views

Reliability means that: A) the information is a faithful representation of what it purports...

Accounting
1.2K views

A business uses a perpetual inventory system. During periods of rising prices, cost of goods...

Finance
1.2K views

Yasin is 26 years old and has had a driving licence for six years. Yasin...