Oriole Service Shop started the year with total assets of $326000 and total liabilities of $241000....

Oriole Service Shop started the year with total assets of $326000 and total liabilities of $241000. During the year, the business recorded $629000 in revenues, $427000 in expenses, and owner drawings of $59400.

The net income reported by Oriole Service Shop for the year was

142,600
227,600
241,000
202,000

Expert Solution

Net Income = Revenues - Expenses

Net Income = $629,000 - $427,000

Net Income = $202,000

Option 'D' is correct

The net income reported by Oriole service shop for the year was $202,000

ekkarill92 answered 2 years ago

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