The financial records for harold corporation included the following information: accounts receivable, $60,000accounts payable, $20,000cash, $25,000common stock, $10,000 dividends, $10,000insurance expense, $5,000salaries and wages expense, $50,000sales revenue, $120,000based on this information, how much was its net income?

Net Income = $65000

Explanation:

Given that,

Accounts receivable = $60,000

Accounts payable = $20,000

Cash = $25,000

Common stock = $10,000

Insurance expense = $5,000

Salaries and wages expense = $50,000

Sales revenue = $120,000

Net Income = Sales revenue - Salaries and wages expense - Insurance expense

= $120,000 - $50,000 - $5,000

= $65,000

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