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Calculate what is net income for the year

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Question - During the first year of operations, Goodson Company sold $100,000 of goods to customers and received $90,000 in cash from customers. The remainder is owed to the company at the end of the year. The company incurred $70,000 in expenses for the year and paid $65,000 in cash for these expenses. The remainder is owed by the company at the end of the year. Assuming that Goodson uses accrual accounting, calculate what is their net income for the year?

Reference no: EM132562153

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