Multiple Choice
Foxes Service Shop started the year with total assets of $320000 and total liabilities of $240000. During the year the business recorded $630000 in revenues $450000 in expenses and owner drawings of $60000. The net income reported by Foxes Service Shop for the year was
A) $140000.
B) $180000.
C) $200000.
D) $270000.
Correct Answer:
Verified
Correct Answer:
Verified
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