Answer:
Net Income for the year = $90000
Explanation:
The net income is the function of Revenues less expenses.
The revenue for the year is provided in the question and it amounts to $140000. Similarly the figure for this period's expenses is also available as $50000.
The net income for the year is,
Net Income = Revenue - expenses
Net Income = 140000 - 50000 = $90000
Answer:
A.
Compensating balances are used by banks as a substitute for charging service fees
Explanation:
Compensating balance is the amount of money that a customer who uses the bank's services, has to keep in an account. The purpose of this money will be to offset the cost incurred by the bank in the course of making its services available to the customer.
