Question

During the​ year, FastDry Corporation has $ 340,000 in​ revenues, $ 155,000 in​ expenses, and $ 12,000 in dividend declarations and payments. Net income for the year​ was:

Answer 1

$185,000

Explanation:

We have been been given that during the​ year, Fast Dry Corporation has $ 340,000 in​ revenues, $ 155,000 in​ expenses, and $ 12,000 in dividend declarations and payments.

We will use following formula to solve our given problem.

`\text{Net income}=\text{Revenues}-\text{Expenses}`

`\text{Net income}=\$340,000-\$155,000`

`\text{Net income}=\$185,000`

Therefore, the net income for the year was $185,000.