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Lesechka [4]
3 years ago
15

Goodman Auto started the year with total assets of $300,000 and total liabilities of $175,000. During the year, the business rec

orded $475,000 in revenues, $275,000 in expenses, and dividends of $30,000. The net income reported by Goodman Auto for the year was,$475,000 - $275,000 = _______.
Business
1 answer:
kow [346]3 years ago
5 0

Answer:

The answer is $ 200,000

Explanation:

The net income reported by Goodman Auto for the year was,$475,000 - $275,000 = $ 200,000.

The net income is difference between revenue earned by the company and expenses incurred in order to earn this revenue. In the problem goodman auto revenue is equal to 475,000 and expense are 275,000. So the difference between 475,000 and 275,000 will be reported as net income.

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Answer:

Merchandise purchases budget explanations only.

Explanation:

Hi, your question has missing information, however i have supplied explanations below.

A purchases budget is required to determine the quantities of purchases required for :

  1. Resale - For Merchandisers
  2. Use in Production in case of Manufacturer

Here is the structure of the merchandise purchases budget for Walker Company (Merchandiser).

<u>Merchandise purchases budget </u>

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Budgeted Sales                                                  x

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Budgeted Purchases                                          x

As stated by the question : <em>Company policy is to end each month with merchandise inventory equal to a specified percent of budgeted sales for the following month.</em>

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