Homework Answers
The answer is Expenses must have been $13 million.
Explanation:
Net Income:
The total revenue in an Accounting period is deducted of all
Expenses during the same period . If Taxes and Interest are not
deducted, it is called Operating Profit or (loss).
| Income statement of Blair Industries | ||
| Particulars | Amount(In millions) | Source |
| Total Revenue | $ 26.00 | Given |
| Less:Cost of Goods Sold | $ - | Not Available |
| Gross Profit | $ 26.00 | |
| Less:
Expenses Includes: A.Operating Expenses B.Interest Expenses C.Taxes |
$ 13.00 | Balancing Figure |
| Net Income | $ 13.00 | Given |
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