John’s Landscaping had shareholders that invested $150,000. The company has earned revenues of $75,000, of which...
John’s Landscaping had shareholders that invested $150,000. The company has earned revenues of $75,000, of which $50,000 were collected. They have incurred expenses of $82,000. Calculate its net income.
Homework Answers
| Net income ( based on accrual basis) | |||||
| Earned revenue | 75,000 | ||||
| less:Expenses | -82,000 | ||||
| net income | -7,000 | ||||
| answer :- net loss of -7,000 | |||||
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