40. If revenue was $70,000, expenses were $59,000, and
the owner’s withdrawals were $25,000, the amount of net
income or net loss was:
a) net income of $11,000
b) Net income of $36,000
c) Net loss of $59,000
d) Net income of $70,000
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Answer / baddam.venugopalreddy
net income of $11,000 is correct.
THE REASON IS VERY SIMPLE WE CAN'T TAKE DRAWINGS IN INCOME
STATEMENT...
| Is This Answer Correct ? | 18 Yes | 1 No |
Answer / surender
net income means excess of revenue over expenditure....and
we must not consider drawings in this regard..... then the
ultimate answer is...
Revenue(70000)-Exp(59000)= 11000i.e,net income
| Is This Answer Correct ? | 7 Yes | 1 No |
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