Salem Company had the following data for the year ending December 31,2010: What is the net income for the year ending December 31,2010?
A)$22,400
B)$23,800
C)$24,400
D)$26,800

Question

Salem Company had the following data for the year ending December 31,2010:  What is the net income for the year ending December 31,2010?
A)$22,400 
B)$23,800 
C)$24,400 
D)$26,800

Quizplus · Accepted Answer

To calculate net income, we need to subtract total expenses from total revenues. 
Total revenues = $201,500 
Total expenses = $177,100 
Net income = Total revenues - Total expenses = $201,500 - $177,100 = $24,400

Salem Company Had the Following Data for the Year Ending