40. If revenue was $70,000, expenses were $59,000, and the owner’s withdrawa

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

Question Posted / kadire

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40. If revenue was $70,000, expenses were $59,000, and the owner’s withdrawals were $25,000, the..

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

40. If revenue was $70,000, expenses were $59,000, and the owner’s withdrawals were $25,000, the..

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

40. If revenue was $70,000, expenses were $59,000, and the owner’s withdrawals were $25,000, the..

Answer / nani

net income is $36000

Is This Answer Correct ?

3 Yes

13 No

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