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Question: Bowling Green Financial is preparing its Budgeted Income Statement for next year. Bowling Green Financial has collected the following information about this statement: Sales for next year total $1,200,000, Selling and Administrative Expenses for the year are $560,000, and Cost of Goods Sold for next year are $600,000. What is Bowling Green's Net Income?
The total assets of McGlone Co. are $800,000 and its liabilities are equal to one half of its total assets. What is the amount of McGlone Co.'s owner's equity?
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