Determine the net income of a company for which the following information is available for the month of July.
Employee salaries expense.... $180,000
Interest expense.................... 10,000
Rent expense........................ 20,000
Consulting revenue............... 400,000

Question

Determine the net income of a company for which the following information is available for the month of July. 
Employee salaries expense....	$180,000
Interest expense....................	10,000
Rent expense........................	20,000
Consulting revenue...............	400,000

Quizplus · Accepted Answer

Net Income = Revenues - Expenses
Net Income = Consulting Revenue - Employee Salaries Expense - Interest Expense - Rent Expense
Net Income = $400,000 - $180,000 - $10,000 - $20,000; Net Income = $190,000

Determine the Net Income of a Company for Which the Following