Gatto Production Services Started the Year with Total Assets of $90,000

question 52

Multiple Choice

Gatto Production Services started the year with total assets of $90,000 and total liabilities of $40,000.The revenues and the expenses for the year amounted to $130,000 and $80,000,respectively.During the year,the owner did not make any additional contributions,but had withdrawals of $55,000.Calculate Gatto's net income for the year.

• A)$50,000
• B)$130,000
• C)$80,000
• D)$90,000

Understand the concept of archival research and how it is conducted.

Recognize the importance of reliability and validity in observational studies.

Understand the methodological issues related to observational studies such as reactivity and observer bias.

Comprehend the role of case studies in psychological research and their potential applications.

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Definitions:

Electron

A subatomic particle with a negative charge, fundamental to electricity and chemical bonding.

Light

Electromagnetic radiation that is visible to the human eye, with wavelengths approximately between 380 and 750 nanometers.

Particles

Small localized objects to which can be ascribed several physical properties such as volume or mass; often used in the context of physics to discuss components of atoms and molecules.

Electrical Current

The flow of electric charge through a conductor or circuit, typically measured in amperes.