Assuming that Hardin engaged in no transactions during the year other than those listed above,what was the amount of net income or loss for the year?
A) $19,000 net income
B) $15,000 net income
C) $12,000 net income
D) $11,000 net loss

Question

Quizplus · Accepted Answer

The total revenue for the year was $34,000 ($19,000 from sales and $15,000 from investment income). The total expenses for the year were $19,000 ($10,000 for Cost of Goods Sold and $9,000 for operating expenses). Therefore, the net income for the year was $15,000 ($34,000 revenue - $19,000 expenses).

Assuming That Hardin Engaged in No Transactions During the Year