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For the current year,the first year of operations,a company sold $100,000 of goods to customers and received $90,000 in cash from customers.The remainder is owed to the company at the end of the year.The company incurred $70,000 in expenses for the year and paid $65,000 of these in cash.The remainder is owed by the company at the end of the year.Based on this information,what is the amount of net income for the year?
Term Lease
A lease agreement that is set for a specified duration of time, after which it may be renewed or terminated.
Exclusive Possession
A legal term referring to the right of a party to use and control property to the exclusion of others.
Lease Termination
The ending of a lease agreement either by mutual agreement, expiration of the lease term, or other means as specified in the contract or by law.
Rental Period
The agreed upon duration between a landlord and tenant during which the tenant has the right to use and occupy the rental property.
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