Solution-What the net income reported by johnny car repair

What the net income reported by johnny car repair shop

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Reference no: EM132948921

Problem 1: Johnny's Car Repair Shop started the year with total assets of $60,000 and total liabilities of $40,000. During the year the business recorded $100,000 in car repair revenues, $55,000 in expenses, and dividends of $10,000. The net income reported by Johnny's Car Repair Shop for the year was

a. $35,000.

b. $45,000.

c. $20,000.

d. $90,000.

e. none of the options listed

Reference no: EM132948921

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What the net income reported by johnny car repair shop

Reference no: EM132948921

Reference no: EM132948921

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