Compute Chase's accrual-based net income for 2018.
A) $746,000.
B) $719,000.
C) $779,600.
D) $774,200.
E) $758,100.

Question

Quizplus · Accepted Answer

Chase's accrual-based net income for 2018 can be calculated as total revenues - total expenses. From the information given in the question, we know that total revenues are $6,213,000 and total expenses are $5,433,400. Therefore, accrual-based net income = $6,213,000 - $5,433,400 = $779,600. Hence, the correct option is C.

Compute Chase's Accrual-Based Net Income for 2018