Question

The following are the current month's balances for selected accounts of Accounts Payable $9,000 Revenue $8,000 Cash 7,650 Expenses 1,100 Furniture 11,000 Accounts Receivable 12,000 Common Stock 10,250 Notes Payable 4,500 What is the net income for

Answer 1

Option A. $6900 net income.

Net income for the current month=Revenue-Expenses

which is equal to

=(8000-1100)

which is equal to

=$6900.

Net income is the amount after an individual or company has deducted expenses, allowances, and taxes. In commerce, net income is left to the business after all costs, including salaries and wages, the cost of goods or raw materials, and taxes.

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