Luis Consulting Started the Year with Total Assets of $60000

question 169

Multiple Choice

Luis Consulting started the year with total assets of $60000 and total liabilities of $17000. During the year the business recorded $48000 in consulting revenues and $36000 in expenses. Luis made an additional investment of $8000 and withdrew cash of $9000 during the year. The net income reported by Luis Consulting for the year was:

• A) $3000.
• B) $12000.
• C) $18000.
• D) $27000.

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Distinctive

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