Question

The total revenue of the month of June amounted to $7,500; total expenses amounted to $3,500; and withdrawals amounted to $600. The net income for the month amounted to ________.

1) $3,400
2) $4,000
3) $3,500
4) $7,500

Answer 1

To calculate the net income for June, one must subtract both the total expenses and withdrawals from the total revenue. The net income for June is $3,400 after these subtractions.

Step-by-step explanation:

The net income for the month can be calculated by subtracting the total expenses and withdrawals from the total revenue for that month. To find the net income for June, we take the total revenue of $7,500, subtract the total expenses of $3,500, and also subtract withdrawals of $600.

Calculating the net income: $7,500 (Total Revenue) - $3,500 (Total Expenses) - $600 (Withdrawals) = $3,400. Therefore, the net income for the month of June amounted to $3,400.