Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 1 - Introduction to Financial Statements - Self-Test Questions - Page 26: 8

Answer

d

Work Step by Step

Income of Joseph Corporation = Sales Revenue - 75,000 dollars Expense of Joseph Corporation = Salaries and wage expense - 20,000 dollars Rent Expense - 10,000 dollars Total Expense = 20,000 + 10,000 = 30,000 dollars Net Income = Total Income - Total Expense = 75,000 - 30,000 = 45,000 dollars
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