value 500 points During the first year of operations a compa

value: 5.00 points During the first year of operations, a company sold $103,000 of goods to customers and received $91,500 in cash from customers. The remainder is owed to the company at the end of the year. The company incurred $70,300 in expenses for the year and paid $65,300 in cash for these expenses. The remainder is owed by the company at the end of the year. Based on this information, what is the amount of net income for the year? $21,200 $32,700 $37,700 O $26,200

Solution

Net income = Revenue-Expenses = 103000-70300= 32700 Option 2 is correct