Las Palmas Company reported the following items on its financial statements for the year ending December 31,2014: The income statement for Las Palmas will report net income for the current year in the amount of

Question

Las Palmas Company reported the following items on its financial statements for the year ending December 31,2014:  The income statement for Las Palmas will report net income for the current year in the amount of

Quizplus · Accepted Answer

Net income is calculated as revenues minus expenses. The total revenues reported on the income statement are $725,000 and the total expenses are $660,000. Therefore, the net income for the year is $65,000.

Las Palmas Company Reported the Following Items on Its Financial