(SOLVED) Use the Motorsports of Miami data in Short Exercise to compute


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$19

Use the Motorsports of Miami data in Short Exercise to compute the following: (Enter all amounts in thousands.)Motorsports of Miami, Inc.Income StatementYear Ended December 31, 2010(In thousands)Service revenue……………………. $770Cost of goods sold……………….. 330Salary expense…………………….. 40Depreciation expense …………… 30Other expenses……………………. 170 Total expenses…………………….. 570 Net income ………………………… $200_x0001_a. Collections from customersb. Payments forinventory

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$19