Use this information for Train Corporation to answer the questions that follow.

The following financial information was summarized from the accounting records of Train Corporation for the current year ended December 31:

-The net income for Train Corporation is
A) $83,180
B) $35,940
C) $48,390
D) $60,840

Question

Use this information for Train Corporation to answer the questions that follow.
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The following financial information was summarized from the accounting records of Train Corporation for the current year ended December 31:
​
 
-The net income for Train Corporation is
A) $83,180 
B) $35,940 
C) $48,390 
D) $60,840

Quizplus · Accepted Answer

Net income is calculated by subtracting total expenses from total revenues. In this case, the total revenue is $540,000 and the total expenses are $504,060, resulting in a net income of $35,940. Therefore, the answer is B.

Use This Information for Train Corporation to Answer the Questions