During the year, A Salt & Buttery, Inc., had revenue of $77,000 of which $8,000 was...
During the year, A Salt & Buttery, Inc., had revenue of $77,000 of which $8,000 was collected from customers. It also had expenses of $26,000 of which $3,000 was paid. The owners were paid $20,000 in dividends. Net income for the year equals ______.
Homework Answers
Net income will be revenue less expenses
We have revenue = $77000.
Expenses = $26000
Hence, net income = $77000-$26000 = $51000.
Note :- .
1 Note that collection of revenue and payment of expense make no difference in calculation of Net income. Since revenue and expense should be recognised on accrual basis and not at Cash basis.
2. Dividend is not an expense , it is just an appropriation of profit, thus, it will be ignored while calculating net income.
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