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

Net income is calculated by subtracting total expenses from total revenues. In this case, total revenues are $239,800 and total expenses are $185,100, resulting in a net income of $54,700 (Option C).

The Following Financial Information Was Summarized from the Accounting Records