The following items (in thousands) are taken from the financial statements of Huang Company for the year ending December 31, 2011:

What is the company's net income for the year ending December 31, 2011?

Question

The following items (in thousands) are taken from the financial statements of Huang Company for the year ending December 31, 2011:

What is the company's net income for the year ending December 31, 2011?

Quizplus · Accepted Answer

To calculate the net income, we need to subtract total expenses from total revenues. Total revenues are the sum of net sales and other income, which is ¥ 2,198,000 + ¥ 52,000 = ¥ 2,250,000. Total expenses are the sum of cost of goods sold, operating expenses, and other expenses, which is ¥ 1,614,000 + ¥ 574,000 + ¥ 20,000 = ¥ 2,208,000. Therefore, net income is ¥ 2,250,000 - ¥ 2,208,000 = ¥ 42,000.

The Following Items (In Thousands) Are Taken from the Financial