Shelby's Music Reported Net Income of $35,000 for the Year

question 170

Short Answer

Shelby's Music reported net income of $35,000 for the year.During the year,it received $125,000 in revenues.Calculate the amount of expenses for the year.

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Definitions:

Primary Management Function

Primary management functions include planning, organizing, leading, and controlling, which are essential for achieving organizational goals.

Planning

The process of setting goals, defining strategies, and outlining tasks and schedules to accomplish these goals.

Managerial Position

A role within an organization responsible for overseeing operations, making decisions, and managing employees to achieve company objectives.

Flexible Work Schedules

Work arrangements that allow employees to vary their arrival and departure times, and/or choose their working hours, to accommodate personal needs and improve work-life balance.