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Simon Company had the following summarized operations for the month of May: Revenues earned: for cash, $32,000; and on account, $18,000; and Expenses incurred: for cash, $5,000; and on account, $10,000. In addition, the company purchased Equipment for $8,000 on account and Supplies for $5,000 for cash. The net income for the month of May is $35,000. $27,000. $45,000. $14,000.

Respuesta :

Answer:

$35,000

Explanation:

Given that,

Revenues earned:

cash = $32,000

on account = $18,000

Expenses incurred:

cash = $5,000

on account = $10,000

Net Income:

= Income - Expenses

= (Cash revenue + account revenue) - (cash expenses + Expenses on account)

= ($32,000 + $18,000) - ($5,000 + $10,000)

= $35,000

Therefore, the net income for the month of May is $35,000.

The net income for the month of May is $35,000.

Based on the information given, the revenue will be:

= $32000 + $18000

= $50000

The expenses will be:

= $5000 + $10000

= $15000

The net income will be:

= Revenue - Expenses

= $50000 - $15000

= $35000

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