Homework Answers
Answer:
Net income is positive result of a company's revenues and gains minus its expenses and losses. A negative result is referred to as net loss.
a) Net income = Revenues - Expenses
= $ 1,350,000 - $ 950,000
= $ 400,000
b) Net income = (Revenues + Gains) - Expenses
= ($ 1,350,000 + $ 10,000) - $ 950,000
= $ 410,000
c) Net income = (Revenues + Gains) - (Expenses + Losses)
= ( $ 1,350,000 + $ 10,000 ) - ( $ 950,000 + $ 5,000 )
= $ 405,000
d) Net income = Revenues - ( Expenses + Losses )
= $ 1,350,000 - ( $ 950,000 + $ 35,000 )
= $ 365,000
e) Net income = ( Revenues + Gains ) - Expenses
= ( $ 1,350,000 + $ 10,000 ) - $ 1,450,000
= - $ 90,000 ( Net loss)
f) Net income = Revenues - ( Expenses + Losses )
= $ 1,350,000 - ( $ 1,450,000 + $ 10,000 )
= - $ 110,000 ( Net loss)
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