Question

During the year, Patriot Partners had $245,000 in revenues, $120,000 and expenses, and $40,000 in declared dividends. What was Patriots net income for the year

Answer 1

Answer:

Patriots net income for the year = $245,000

Explanation:

Data provided in the question:

Revenue of Patriot Partners during the year = $245,000

Expenses of Patriot Partners during the year = $120,000

Declared dividends by Patriot Partners = $40,000

Now,

The Patriots net income for the year will be

= Revenue of Patriot Partners - Expenses of Patriot Partners

or

Patriots net income for the year = $245,000 - $120,000

or

Patriots net income for the year = $125,000