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    janemorales's Avatar
    janemorales Posts: 26, Reputation: 1
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    #1

    May 29, 2008, 05:50 PM
    Net income re-iteration
    Compute net income:

    CGS 30,000
    Interest expense 47,000
    Cash 4,500
    Retained earnnings 15,000
    Sales 150,000
    A/P 20,000
    Rent Revenue 1,000
    Machinery 60,000

    Am I computing Net income correctly?
    Net Income = 74,000
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
    		  
    #2

    May 29, 2008, 07:56 PM
    Quote Originally Posted by janemorales
    Am I computing Net income correctly?
    Net Income = 74,000
    Yes, you are correct.
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