Gatto Production Services began the year with total assets of $120,000 and total liabilities of $65,000. Income and expenses for the year were $110,000 and $50,000, respectively. During the year, the company issued no common shares, but distributed dividends of $70,000. 

Calculate Gatto's net income for the year.

Answer rating: 100% (QA)

To calculate Gattos net income for the year you can use the fol... View the full answer