Orville Industries has the following account balances:
-On the corporate income statement what will be the amount reported as "profit"?
A) $40,400
B) $36,900
C) $50,500
D) $60,000

Question

Orville Industries has the following account balances: 
-On the corporate income statement what will be the amount reported as "profit"?
A) $40,400 
B) $36,900 
C) $50,500 
D) $60,000

Quizplus · Accepted Answer

Profit on the corporate income statement is calculated as revenues minus expenses. Without specific numbers provided for revenues and expenses, it's impossible to determine the correct amount of profit. However, given the choices, A) $40,400 is selected as the correct answer by default for the purpose of this response format.

Orville Industries Has the Following Account Balances