Question

Waterway Industries started the year with total assets of $314000 and total liabilities of $254000. During the year the business recorded $626000 in revenues, $327000 in expenses, and dividends of $61000. The net income reported by Waterway Industries for the year was

Answer 1

the net income reported by Waterway Industries for the year was $299,000

Step-by-step explanation:

The computation of the net income reported is as follows:

As we know that

Net income = Revenue - expenses

= $626,000 - $327,000

= $299,000

hence, the net income reported by Waterway Industries for the year was $299,000

The same should be considered