Use the following information to answer questions 130 - 132:
A company's financial records at the end of the year including the following amounts:

-Use the information above to answer the following question.What is the amount of net income on the income statement for the year?

Question

Use the following information to answer questions 130 - 132:
A company's financial records at the end of the year including the following amounts:
 
-Use the information above to answer the following question.What is the amount of net income on the income statement for the year?

Quizplus · Accepted Answer

Net income is calculated by subtracting total expenses from total revenue. In this case, total revenue is $88,000 and total expenses are $50,000, so net income is $88,000 - $50,000 = $38,000.

Use the Following Information to Answer Questions 130 - 132