Question

Gatto Production Services started the year with total assets of $ 120 comma 000 and total liabilities of $ 45 comma 000. The revenues and the expenses for the year amounted to $ 110 comma 000 and $ 60 comma 000​, respectively. During the​ year, the company did not issue any common​ stock, but it distributed dividends of $ 70 comma 000. Calculate​ Gatto's net income for the year.

Answer 1

Calculate​ Gatto's net income for the year.

Net Income 50000

Step-by-step explanation:

Revenue 110000

Expenses 60000

Net Income 50000