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
Re: 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
Re: 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
Re: 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
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
After closing the financial year i.e. 31st march.,
you have received a teliphone bill on dated 1st april
( And the bill was for the month of 1 mar to 31st march
i.e closing year's last month)what treatment you will do in
current financial year and closing financial year.
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