Question

Determine the net income of a company for which the following information is available for the month of July. Employee salaries expense $192,000 Interest expense 22,000 Rent expense 32,000 Consulting revenue 448,000 Multiple Choice $694,000. $448,000. $266,000. $246,000. $202,000.

Answer 1

$202,000

Step-by-step explanation:

Given that,

Employee salaries expense = $192,000

Interest expense = 22,000

Rent expense = 32,000

Consulting revenue = 448,000

Net income:

= Consulting revenue - Employee salaries expense - Interest expense - Rent expense

= $448,000 - $192,000 - $22,000 - $32,000

= $202,000

Therefore, the net income of a company is $202,000.