Martha Innocenzi Ito began the Innocenzi Company by investing $75000 of cash in the business. The company recorded revenues of $555000 expenses of $410000 and had owner drawings of $30000. What was Innocenzi's net income for the year?

A) $115000.
B) $145000.
C) $175000.
D) $190000.

Question

Anna Kathryn Davidson · Accepted Answer

Final Answer : B, Explanation :  Net Income = Revenues - Expenses - Owner DrawingsNet Income = $555,000 - $410,000 - $30,000Net Income = $115,000Therefore, Innocenzi's net income for the year was $145,000 ($115,000 + $30,000 of owner's drawings). The correct answer is B.

Martha Innocenzi Ito began the Innocenzi Company by investing $75000 of cash in the business. The company recorded revenues of $555000 expenses of $410000 and had owner drawings of $30000. What was Innocenzi's net income for the year?

A) $115000.
B) $145000.
C) $175000.
D) $190000.

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Martha Innocenzi Ito began the Innocenzi Company by investing $75000 of cash in the business. The company recorded revenues of $555000 expenses of $410000 and had owner drawings of $30000. What was Innocenzi's net income for the year?A) $115000.B) $145000.C) $175000.D) $190000.

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Learning Objectives

Learning Objectives

Related questions

Martha Innocenzi Ito began the Innocenzi Company by investing $75000 of cash in the business. The company recorded revenues of $555000 expenses of $410000 and had owner drawings of $30000. What was Innocenzi's net income for the year?

A) $115000.
B) $145000.
C) $175000.
D) $190000.