Question

Sheridan Company started the year with total assets of $214000 and total liabilities of $124000. During the year the business recorded $339000 in revenues, $150000 in expenses, and dividends of $65000. The net income reported by Sheridan Company for the year was

Answer 1

Net income is $189,000

Step-by-step explanation:

Net income for the year = Revenue - Expenses

= $339,000 - $150,000

= $189,000