Question 3 Sufjan Stevens Ito began the Sufjan Company by investing $25,000 of cash in the business. The company recorded revenues of $185,000, expenses of $140,000, and had owner drawings of $10,000. What was Sufjan's net income for the year? a) $45,000. b) $35,000. c) $60,000. d) $55,000.

Question 3 Sufjan Stevens Ito began the Sufjan Company by investing $25,000 of cash in the business. The company recorded revenues of $185,000, expenses of $140,000, and had owner drawings of $10,000. What was Sufjan's net income for the year? a) $45,000. b) $35,000. c) $60,000. d) $55,000.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter2: Basic Accounting Systems: Cash Basis

Section: Chapter Questions

Problem 2.12E: Net income and dividends The income statement of a corporation for the month of February indicates a...

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