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26 December, 09:54

Gatto Production Services started the year with total assets of $ 120 comma 000 and total liabilities of $ 45 comma 000. The revenues and the expenses for the year amounted to $ 110 comma 000 and $ 60 comma 000 , respectively. During the year, the company did not issue any common stock, but it distributed dividends of $ 70 comma 000. Calculate Gatto's net income for the year.

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  1. 26 December, 12:36
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    Calculate Gatto's net income for the year.

    Net Income 50000

    Explanation:

    Revenue 110000

    Expenses 60000

    Net Income 50000
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