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Exercise and reference answers

Questions
  1. Answer
    250
    Question
    Net income when revenue is 1400 and expenses are 1150
  2. Answer
    16850
    Question
    Owner equity when assets are 18700 and liabilities are 1850
  3. Answer
    4350
    Question
    Working capital from 6200 current assets and 1850 current liabilities
  4. Answer
    12
    Question
    Months that split a current asset from a noncurrent one
  5. Answer
    500
    Question
    Gain on land bought for 1500 and sold for 2000
  6. Answer
    2
    Question
    Minimum owners needed to form a partnership
Instructions
Type the number only.

Explanation

_Source: OpenStax Principles of Financial Accounting, Chapter 2, Introduction to Financial Statements._
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