Herman is preparing the income statement for his company. Revenues for
the past year totaled $350,000. Expenses totaled $400,000. Which of the
following is correct?
A. Herman's company has a net income of $50,000.
B. Herman's company has a net loss of $50,000.
C. Herman's company has a income of $35,000
D. Hermans company has a net loss of $400,000