Question

Determine the net income (loss) for the period.

Answer 1

To calculate the net income (loss) for a period, subtract all expenses from the total revenue.

Step-by-step explanation:

In order to calculate the net income (loss) for a period, you need to subtract all expenses from the total revenue. Net income is the amount of money left over after deducting all expenses.

For example, if the total revenue is $200,000 and the explicit costs are $85,000, the net income would be $115,000 ($200,000 - $85,000).

It's important to note that net income can be positive (profit) or negative (loss), depending on whether the total revenue is greater than or less than the total expenses.