Determine the net income of a company for which of the following information is available for the month of September. $$\begin{array} { | l | r |}
\hline \text { Service revenue } & \$ 300,000 \
\hline \text { Rent expense } & 48,000 \
\hline \text { Utilities expense } & 3,200 \
\hline \text { Salaries expense } & 81,000 \
\hline
\end{array}$$

Question

Determine the net income of a company for which of the following information is available for the month of September. $$\begin{array} { | l | r |} 
\hline \text { Service revenue } & \$ 300,000 \
\hline \text { Rent expense } & 48,000 \
\hline \text { Utilities expense } & 3,200 \
\hline \text { Salaries expense } & 81,000 \
\hline
\end{array}$$

Quizplus · Accepted Answer

Net income is calculated as total revenues minus total expenses. Here, net income = $300,000 (service revenue) - ($48,000 + $3,200 + $81,000) (total expenses) = $167,800.

Determine the Net Income of a Company for Which of the Following