Ask Experts Questions for FREE Help!
  Advanced
Register  |  Log in  
   Ask    
 Answer  
  Help  

Ask QuestionsprogressAnswer QuestionsprogressBuild ReputationprogressBecome an Expert
 
Free Answers in 3 Easy Steps

Register Now		 3 Steps

At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to:
  • Get free answers from experts in any of our 300+ topics.
  • Accept money for answers that you provide.
  • Communicate privately with other members (PM).
  • See fewer ads.

Home > Business & Careers > Accounting   »   Net Income

Answer this Question Ask about Accounting
 
Thread Tools Display Modes
Question
 
 
#1  
Old Jan 16, 2008, 04:49 PM
simm23
New Member
simm23 is offline 		 
Join Date: Jan 2008
Posts: 2
simm23 See this member's comment history on his/her Profile page.
Net Income
Total Assets 79,000
Total Liabilities 67,000

What's the net income assuming that there were no dividents for the year.

Reply With Quote
 
     

Answers
 
 
Old Jan 16, 2008, 05:28 PM   #2  
New Member
crash08 is offline
 
Join Date: Jan 2008
Posts: 5
crash08 See this member's comment history on his/her Profile page.
With that little info I would say $12,000 (79,000 - 67,000)
But that would never real be the case in real life
  Reply With Quote
 
     
 
 
Old Jan 16, 2008, 05:53 PM   #3  
New Member
simm23 is offline
 
Join Date: Jan 2008
Posts: 2
simm23 See this member's comment history on his/her Profile page.
Quote:
Originally Posted by crash08
With that little info I would say $12,000 (79,000 - 67,000)
But that would never real be the case in real life
Well, I thought of that but that 12,000 would be classified as Owner's Equity...

Unless I missed something and Owner's Equity is Net Income?
  Reply With Quote
 
     
 
 
Old Jan 16, 2008, 06:40 PM   #4  
New Member
maxutsa52 is offline
 
Join Date: Jan 2008
Posts: 3
maxutsa52 See this member's comment history on his/her Profile page.
Net Income is revenues minus the expenses. These are part of the Income statement not the balance sheet. The number of 12000 is just the owners equity.
  Reply With Quote
 
     
Answer this Question Ask about Accounting

« Previous Thread | Next Thread »

Thread Tools
Display Modes
Linear Mode Linear Mode

 
Similar Sponsors

Similar Threads
Question Asker Forum Answers Last Post
Wealth & Income Dispersion, Income Mobility, and Economic Injustice ordinaryguy Politics 20 Jan 3, 2008 05:53 PM
paying ga. state income taxes on income earned in another state angelo78 Other Law 1 Dec 18, 2007 05:21 AM
Does the Income Summary Balance go to Income Statement iris3411 Accounting 3 Apr 15, 2007 12:20 PM
2006 taxes: F-1 OPT Income & Foreign Income bearnar Taxes 4 Mar 10, 2007 10:11 PM
Income Tax on Social Security & Interest Income queenofgreen Taxes 1 Jan 15, 2007 09:27 AM




Copyright ©2003 - 2007, Ask Me Help Desk.
All times are GMT -8. The time now is 04:25 AM.