net income

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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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