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Adam’s Car Repair Shop started the year with total assets of RO 60000 and total liabilities of RO 40000.  During the year, the business recorded RO 100000 in car repair revenues, R0 55000 in expenses, and drawings of RO 10000.  The net income reported by the shop for the year was ____________ Select one: a. RO 35000 b. RO 90000 c. RO 20000 d. RO 45000

Adam’s Car Repair Shop started the year with total assets of RO 60000 and total liabilities of RO 40000.  During the year, the business recorded RO 100000 in car repair revenues, R0 55000 in expenses, and drawings of RO 10000.  The net income reported by the shop for the year was ____________ Select one: a. RO 35000 b. RO 90000 c. RO 20000 d. RO 45000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Adam’s Car Repair Shop started the year with total assets of RO 60000 and total liabilities of RO 40000.  During the year, the business recorded RO 100000 in car repair revenues, R0 55000 in expenses, and drawings of RO 10000.  The net income reported by the shop for the year was ____________

Select one:
a. RO 35000
b. RO 90000
c. RO 20000
d. RO 45000
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