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Expenses Reported on the Income Statement for 20A (The First

Question 9

True/False

Expenses reported on the income statement for 20A (the first year of operations), totaled
$60,000, which included depreciation expense of $8,000, and wages payable increased to
$3,000 by the end of 20A. Therefore, the 20A cash outflow for expenses was $71,000.

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