A company has $4,500 in its Revenue account at the end of a period. The expenses are as follows: Rent, $750; Utilities, $150; Salaries, $2,400; Insurance, $225. The net income (loss) for the period is
For the answer to the question above, Revenue . . . . . . . . . . . . . . . . . . . .4,500
less: Expenses Rent . . . . . . . .750 utilities . . . . . . 150 Salaries . . . . . .2400 Insurance . . . . .225 (Since you are just in highschool I would assume insurance is expense, because there are insurance that are Payables and not expense) Total . . . . . . . . . . . . . . . . . . . . . . 3525
Net income . . . . . . . . . . . . . . 975 I hope my answer helped you. feel free to ask more questions. have a nice day!
