Question: Using the data below from Centennial Company, compute NET INCOME. Assume a tax rate of Ox Accounts Payable $640 Cost of Goods Sold 110 Cash

Using the data below from Centennial Company, compute NET INCOME. Assume a tax rate of Ox Accounts Payable $640 Cost of Goods Sold 110 Cash 470 Capital Stock 360 Dividends 400 Equipment 1,080 Inventory 530 Loans Payable 190 Prepaid Rent 340 Rent Expense 720 450 Retained Earnings (beginning) Sales Revenue 3,170 Utilities Expense 480 $1,460 $1,520 $1,860 O $1,120

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