Use the following information for questions
Matlin Corp.'s trial balance of income statement accounts for the year ended December 31, 2011 included the following:

-Net income is
A)$9,800.
B)$15,000.
C)$16,800.
D)$24,000.

Question

Use the following information for questions 
Matlin Corp.'s trial balance of income statement accounts for the year ended December 31, 2011 included the following:
 
-Net income is
A)$9,800. 
B)$15,000. 
C)$16,800. 
D)$24,000.

Quizplus · Accepted Answer

Net income is calculated by subtracting expenses from revenue. In this case, revenue is $24,000 and expenses are $14,200, so net income is $24,000 - $14,200 = $9,800.

Use the Following Information for Questions