Question

Practice expenses for the month of June are $8,500. Revenue for the same month is $16,180. The practice has total assets of $283,000 and liabilities of $55,000. What is the net income for the practice for the month of June:

a) $7,680
b) $55,000
c) $8,500
d) $283,000

Answer 1

The net income for the practice for the month of June is $7,680.

Step-by-step explanation:

To calculate the net income for the practice for the month of June, we need to subtract the practice expenses from the revenue. In this case, the practice expenses are $8,500 and the revenue is $16,180. So, the net income is $16,180 - $8,500 = $7,680. Therefore, the correct answer is option a) $7,680.