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Determine the net income of a company for which the following information is available for the month of July. Employee salaries expense $199,000 Interest expense 29,000 Rent expense 39,000 Consulting revenue 476,000 g

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tutordamola

Answer:

The answer is $209,000

Explanation:

Income = Total revenue minus Total expenses

So for this question:

Net Income will be:

Revenue(Consulting Revenue) minus Total expenses (Employee Salaries Expense plus Interest Expense plus Rent Expense)

Net Income = $476,000 - ($199,000 + $29,000 + $39,000

Net Income = $476,000 - $267,000

= $209,000

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