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Q1) Use information given below to compute company's accounting net income for year.

Credit Sales $500,000
Cash Sales $300,000
Operating Expenses on Credit $400,000
Cash Operating Expenses $200,000
Accounts Receivable (Beg. of Year) $20,000
Accounts Receivable (End of Year) $40,000
Accounts Payable (Beg. of Year) $50,000
Accounts Payable (End. of Year) $25,000
Corporate Tax Rate 40%

a. $60,000
b. $120,000
c. $39,000
d. $147,000

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921899

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