Question: Can you explain the correct approach to solve this general accounting question? Bright Industries started the year with total assets of $450,000 and total liabilities

Can you explain the correct approach to solve this general accounting question?

Bright Industries started the year with total assets of $450,000 and total liabilities of $310,000. During the year, the business recorded $800,000 in revenues, $450,000 in expenses, and dividends of $60,000. Calculate the company's net income

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