My choices are 150000, 50000, 500000, or 850,000. .I did not come up with any of those!
-Net Income Problem: A firm has the following accounts:
What is the net income for the period?
*Hint :Net accounts receivable is not an expense it is a income
This solution shows how to calculate net profit for a given period when you are given selected accounts. The solution shows the sections of the income statement where you should list certain accounts in order to arrive at an accurate income figure.