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General Accounting Discussions: Determining Net Income for Dummies

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    • CommentAuthormccay2010
    • CommentTimeFeb 8th 2010
     
    Susan starts a new word processing business with $5000. She pays $450 in rent for the first month, $300 cash for office supplies and $50 for phone usage. She also purchases $800 worth of resume paper. In the first month of business, she sold $1800 worth of her services, using $200 worth of resume paper. Determine the following:

    What was her initial capital?
    What was her net income for the month?
    How much were her expenses?
    What are her total assets?
    What was Susan's revenue for the month?

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