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ks Window Help 21% D Tue 5:35 PM a newconnect.mheducation.com Chapter 1 Quiz (Aigo MC) (1)- ACCT-209-02-Financial Accounting Chapter 1 Quiz (Algo MC) Quiz (Algo MC) Saved Help Save&Exit Subm During the first year of operations, a company sold $112.000 of goods to customers and received $96,000o in cash from customers. The remainder is owed to the company at the end of the year. The company incurred $71,200 in expenses for the year and paid $66,200 in cash for these expenses. The remainder is owed by the company at the end of the year. Based on this information, what is the amount of net income for the year? Multiple Choice $45,800 $24,800 $40,800 2of 5l! Next>Explanation / Answer
C. $40,800
Net income = $112,000 - $71,200
Net income = $40,800
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