The following information is available for Isla Company for last May.How much is the net income for the month?

Question

Quizplus · Accepted Answer

Net income can be calculated using the formula:

Net Income = Revenues - Expenses

From the given information, we can calculate the total revenues and expenses for the month of May:

Revenues = $90,000
Expenses = $70,000

Substituting these values in the formula above, we get:

Net Income = $90,000 - $70,000 = $20,000

Therefore, the net income for the month of May is $20,000, which corresponds to choice C.

The Following Information Is Available for Isla Company for Last