The following table contains financial information for Trumpeter Inc.before closing entries: What is Trumpeter's net income?

Question

The following table contains financial information for Trumpeter Inc.before closing entries:  What is Trumpeter's net income?

Quizplus · Accepted Answer

To calculate Trumpeter's net income, we need to subtract total expenses from total revenues. 
Total revenues = $24,000 + $900 = $24,900 
Total expenses = $14,000 
Net income = Total revenues - Total expenses = $24,900 - $14,000 = $10,900 
Therefore, the correct answer is D) $5,500.

The Following Table Contains Financial Information for Trumpeter Inc