The income statement of Peoples Motors Corporation, a U.S.automotive manufacturer, for the year ended December 31, 20x1, reported revenues of $207,000, cost of sales of $165,000, other operating expenses, including income taxes of $50,000, and net financing income, after taxes, of $6,000. Compute the amount of net income or loss that Peoples Motors reported for 20x1.
A)net income of $0
B)net income of $2,000
C)net loss of $2,000
D)net income of $8,000
E)net loss of $8,000

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The Answer of The income statement of Peoples Motors Corporation, a U.S.automotive manufacturer, for the year ended December 31, 20x1, reported revenues of $207,000, cost of sales of $165,000, other operating expenses, including income taxes of $50,000, and net financing income, after taxes, of $6,000. Compute the amount of net income or loss that Peoples Motors reported for 20x1.
A)net income of $0
B)net income of $2,000
C)net loss of $2,000
D)net income of $8,000
E)net loss of $8,000

The Income Statement of Peoples Motors Corporation, a U