During 2020, Wu Han Co. generated revenues of $95,000. The company's expenses were as follows: cost of goods sold of $47,000, and operating expenses of $16,000. Wu Han's net income is

Question

Quizplus · Accepted Answer

To calculate the net income, we need to subtract expenses from revenues.

Net income = Revenue - (Cost of goods sold + Operating expenses)
Net income = $95,000 - ($47,000 + $16,000)
Net income = $32,000

Therefore, the correct answer is B.