Homework Answers
Net Income for the year
Net Income for the year = Total Revenues – Total Expenses
= Sales – [Office expenses + Income tax expenses + Depreciation expenses + Interest expenses]
= $24,106 – [$986 + $340 + $9,010 + $4,420]
= $24,106 - $14,756
= $9,350
“Hence, the Net Income for the year will be $9,350”
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