Express Barber gave 400 haircuts this past month.They charge $18 per haircut.Expenses incurred during the month were $3500 wages,$288 utilities/water,and $350 shampoo/styling products.$2500 in wages were paid during the month,the rest of the wages-along with the utilities and shampoo/styling products were not paid during the month.What is Express Barber's net income or loss for the month?

Question

Quizplus · Accepted Answer

Total revenue from haircuts = 400 * $18 = $7200
Total expenses = $3500 + $288 + $350 = $4138

Total wages paid = $2500
Total unpaid expenses = $4138 - $2500 = $1638

Net income = Total revenue - Total expenses - Total unpaid expenses
Net income = $7200 - $4138 - $1638
Net income = $424

Therefore, the net income for the month is $3,062 (option B).

Express Barber Gave 400 Haircuts This Past Month