Johnnys Car Repair Shop started the year with total assets of $60,000 and total liabilities of $40,000.

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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

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Horngrens Financial and Managerial Accounting The Financial Chapters

ISBN: 978-0134486857

6th edition

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura

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Posted Date: Nov 01, 2022 12:48 AM

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Johnnys Car Repair Shop started the year with total assets of $60,000 and total liabilities of $40,000.

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Horngrens Financial and Managerial Accounting The Financial Chapters

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