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23 June, 21:50

The financial statements for Harold Corporation contained the following information:

Accounts receivable $ 5,000

Sales revenue 75,000

Cash 15,000

Salaries and wages expense 20,000

Rent expense 10,000

How much was Harold's net income?

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Answers (1)
  1. 24 June, 01:25
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    so net income is $45000

    Explanation:

    given data

    Accounts receivable = $5000

    Sales revenue = 75000

    Cash = 15000

    Salaries and wages expense = 20000

    Rent expense = 10000

    to find out

    net income

    solution

    we will find net income by the given expression as

    net income = Sales revenue - Rent expense - Salaries and wages expense ... 1

    put here all these value in equation 1 we get net income

    net income = 75000 - 10000 - 20000

    net income = 45000

    so net income is $45000
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