Question

The financial statements for Harold Corporation contained the following information:

Answer 1

Answer:

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