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26 January, 05:36

Thompson Corporation began the year with cash of $ 141 comma 000 and land that cost $ 25 comma 000. During the year Thompson earned service revenue of $ 265 comma 000 and had the following expenses: salaries, $ 158 comma 000 ; rent, $ 71 comma 000 ; and utilities, $ 20 comma 000. At year-end Thompson 's cash balance was down to $ 31 comma 000. How much net income (or net loss) did Thompson experience for the year?

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  1. 26 January, 07:32
    0
    Thompson Corporation's net income for the year is $16,000

    Explanation:

    Amount in $ Amount in $

    Revenue 265,000

    Expenses

    Salaries 158,000

    Rent 71,000

    Utilities 20,000

    Total Expense (249,000)

    Net income / (net loss) 16,000

    Thompson Corporation's net income for the year is $16,000
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