Which of the following combinations results in a net loss reported on the income statement?
A)Total revenues of $80,000 and total expenses of $74,000.
B)Total revenues of $70,000 and total expenses of $74,000.
C)Total revenues of $60,000 and total expenses of $52,000.
D)Total revenues of $20,000 and total expenses of $16,000.
E)Total revenues of $40,000 and total expenses of $31,000.

Question

Quizplus · Accepted Answer

Total revenues of $70,000 and total expenses of $74,000 results in a net loss of $4,000. This is because the expenses are greater than the revenues, resulting in a negative profit.

Which of the Following Combinations Results in a Net Loss