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

Identify and differentiate between various intelligence tests and their application.

Recognize the concept of general intelligence (g factor) and its significance.

Comprehend the distinction between fluid and crystallized intelligence.

Analyze the importance of cognitive processes in understanding intelligence.