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

Comprehend the defining characteristics of corporate culture.

Recognize the importance of ethical behavior in achieving competitive advantage.

Describe the process involved in creating effective and coherent messages.

Identify common barriers to reporting ethical misconduct in organizations.

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Definitions:

Social Media Plan

A document or strategy outlining the objectives, target audience, platform choice, content strategy, and engagement tactics for a brand's or individual's presence on social media.

Outputs

The final products, services, or results generated by a process or activity.

Overall Reputation

A general perception or opinion about an entity's character or quality as seen by the public or specific groups.

Improved Practices

Enhanced or new methods, strategies, or procedures that lead to better outcomes in various endeavors.