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Mingo Company has been in business several years. During January of 2010, the following transactions occurred:
Paid employees $6,000 for wages during January.
Paid $2,000 cash for other operating expenses of which $1,000 related to December and the balance related to January.
Paid utilities and rent for January in the amount of $1,800.
Paid a cash dividend to shareholders in the amount of $900 during January.
How much is total Expenses that Mingo Company will report for January 2010? Why is this amount different than the amount paid during the month?
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An economic system characterized by private or corporate ownership of goods and the means of production, with the goal of generating profits.
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