The following financial information was summarized from the accounting records of Block Corporation for the current year ended December 31: The net income for Block Corporation is:
A) $68,200.
B) $44,700.
C) $54,700.
D) $54,900.

Question

The following financial information was summarized from the accounting records of Block Corporation for the current year ended December 31:  The net income for Block Corporation is:
A) $68,200. 
B) $44,700. 
C) $54,700. 
D) $54,900.

Quizplus · Accepted Answer

The net income is calculated by subtracting the total expenses ($148,300) from the total revenues ($203,000), which results in a net income of $54,700.

The Following Financial Information Was Summarized from the Accounting Records