Computing Net Income Healy Corporation recorded service revenues of $200,000 during the year, of which $140,000...

 

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Computing Net Income Healy Corporation recorded service revenues of $200,000 during the year, of which $140,000 were for credit and $60,000 were for cash. Moreover, of the $140,000 credit sales, it collected $40,000 cash on those receivables before year-end. The company also paid $120,000 cash for current year's wages. a. Compute the company's net income for the year. $ Computing Net Income Healy Corporation recorded service revenues of $200,000 during the year, of which $140,000 were for credit and $60,000 were for cash. Moreover, of the $140,000 credit sales, it collected $40,000 cash on those receivables before year-end. The company also paid $120,000 cash for current year's wages. a. Compute the company's net income for the year. $

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