Using the following information, what is the amount of net income? Purchases $ 34,731 Selling expenses $ 792 Merch...
Using the following information, what is the amount of net income?
| Purchases | $ 34,731 | Selling expenses | $ 792 | |
| Merchandise inventory, September 1 | 6,398 | Merchandise inventory, September 30 | 8,121 | |
| Administrative expenses | 1,182 | Sales | 45,763 | |
| Rent revenue | 706 | Interest expense | 815 |
a.$12,302
b.$18,793
c.$4,274
d.$10,672
Homework Answers
The amount of net income is $10672.
Net income = (Sale + other income + Closing inventory ) - (Purchase + all expenses + Opening inventory)
Then net income = (45763+706+8121)-(34731+6398+1182+792+815) = $10672
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