net income or net loss

stylo_67846 · #1 Feb 19, 2008, 12:13 PM

revenues for the year totaled $85,500 and expenses totaled $120,500, the owner withdrew $30,000 during the year.......determine the amount of net income or net loss

stylo_67846 · Feb 19, 2008, 12:16 PM

Quote:

Originally Posted by stylo_67846

revenues for the year totaled $85,500 and expenses totaled $120,500, the owner withdrew $30,000 during the year.......determine the amount of net income or net loss

i am not sure but look like 6500 net loss

sitaki · Feb 19, 2008, 12:49 PM

its actually net loss of 65,000

sitaki · Feb 19, 2008, 12:51 PM

you simply take the total revenue which is 85,500 subtract your expenses which is 120,500 which gives you 35,000 you still have to remember the 30,000 that was taken by the company, so subtract that, and you should get -65,000



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