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    Calculating Income for Acme Consulting

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    Acme Consulting has the following operating data for last year.

    Revenues $175,000
    Supplies Expense $45,000
    Salaries $70,000
    Rent Expense $1,500
    Accounts Payable $8,000
    Administrative Expense $6,000
    Cash collections from prior year's sales $10,000

    What is income before tax?

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    Solution Summary

    Income Statement Calculations are examined for Acme Consulting.