Question

Compute Net Income given the Following; Show your answer as a number only, no commas, symbols, or decimals. Cash=$10,000 Revenues =$120,000 Accounts Payable = $20,000 Inventory = $30,000 Contributed Capital = $60,000 Dividends = $40,000 Expenses = $55,000 Salary Payable = $15,000

Answer 1

Net Income is $65,000.

Step-by-step explanation:

According to given data

Revenue = $120,000

Expenses = $55,000

Net Income = Revenue - Expesnes

Net Income = $120,000 - $55,000

Net Income = $65,000

Net Income is $65,000.

As net income is calculated using Revnue and Expenses, In the presence of this data we will not consider thae value from the balance sheet.