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Pharoah Company started the year with total assets of $304000 and total liabilities of $244000. During the year the business recorded $633000 in revenues, $326000 in expenses, and dividends of $62000.
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Pharoah Company started the year with total assets of $304000 and total liabilities of $244000. During the year the business recorded $633000 in revenues, $326000 in expenses, and dividends of $62000. The net income reported by Pharoah Company for the year was

User Monroe Thomas
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1 Answer

6 votes

Answer:

Net Income = $307,000

Step-by-step explanation:

Given:

Total revenue = $633,000

Total expenses = $326,000

Find:

Net income

Computation:

Net Income = Total revenue - Total expenses

Net Income = $633,000 - $326,000

Net Income = $307,000

User Laa
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