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Frank Ito Began the Ito Company by Investing $20,000 of Cash

Question 40

Multiple Choice

Frank Ito began the Ito Company by investing $20,000 of cash in the business. The company recorded revenues of $185,000, expenses of $160,000, and had owner drawings of $10,000. What was Ito's net income for the year?


A) $15,000
B) $35,000
C) $25,000
D) $45,000

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