Test: CPA Financial Accounting and Reporting (FAR)

1.

Barr Company had the following account balances at the end of Year 1: sales of $250,000; cost of goods sold of $90,000; salaries and wages of $30,000; rent expense of $15,000; advertising costs of $25,000; fixed assets purchased $50,000. What was Barr's net income for Year 1?

$115,000

$160,000

$90,000

$65,000

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