Revenues for the year totaled $162,000 and expenses totaled $174,000. The stockholders purchased $15,000 of common stock and were paid $6,000 in dividends during the year. What was the net income or net loss for the year?
A) $12,000 net income
B) $12,000 net loss
C) $18,000 net loss
D) $6,000 net loss

Question

Quizplus · Accepted Answer

Revenues, $162,000 less expenses, $174,000, equals a net loss of $12,000.

Revenues for the Year Totaled $162,000 and Expenses Totaled $174,000