Homework Answers
The Company’s net income for the current year
The Company’s net income for the current year = Total revenue – Total expenses
= Fees earned – [Rent Expenses + Salaries Expenses + Utilities Expenses + Insurance Expenses + Supplies Expenses + Depreciation Expenses]
= [$7,380 + $1,005] – [$1,430 + $2,430 + $475 + $780 + $245 + $320]
= $8,385 - $5,680
= $2,705
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