During the three months of this quarter,Asbar,Inc.,has generated service revenues of $16,500,$21,000,and $43,800,respectively.The cost of providing the services is $3,600,$6,000,and $9,400,respectively.In addition,salaries and wages for the quarter total $17,900 while general administrative expenses total $14,300.The company also earned interest revenue of $6,900 and incurred income taxes of $7,400.Net income for the quarter is:

Question

Quizplus · Accepted Answer

Net income is calculated as total revenues minus total expenses. Total revenues are $16,500 + $21,000 + $43,800 + $6,900 = $88,200. Total expenses are $3,600 + $6,000 + $9,400 + $17,900 + $14,300 + $7,400 = $58,600. Net income is $88,200 - $58,600 = $29,600.

During the Three Months of This Quarter,Asbar,Inc