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) $8,500
c) $16,180
d) $228,000

Answer 1

To calculate the net income for the practice for the month of June, subtract the expenses of $8,500 from the revenue of $16,180 to get $7,680, which is option a).

Step-by-step explanation:

The net income for a practice is calculated by subtracting the practice's expenses from its revenue. For the month of June, the practice's expenses are $8,500 and its revenue is $16,180. The net income is found by performing the following calculation:

Net Income = Revenue - Expenses

Net Income = $16,180 - $8,500

Net Income = $7,680

Hence, the answer to the question, 'What is the net income for the practice for the month of June?' is $7,680, which corresponds to option a).