Sheffield Corp. started the year with total assets of $220000 and total liabilities of $130000. During the year the business recorded $328000 in revenues, $164000 in expenses, and dividends of $69000. The net income reported by Sheffield Corp. for the year was

Net Income for the year is $95,000.

Explanation:

The income which is calculated by deducting all the related expense from the revenue even after interest and taxes. Net Income is the amount which is available to distribute amount the stockholders, either preferred or common.

As we know

Net Income = Revenue - Expenses

Revenue = $164,000

Expenses = $69,000

Net Income = $164,000 - $69,000

Net Income = $95,000

$164,000

Explanation:

Given that

Revenue = 328000

Expenses = 164000

Recall that

Net income = Total revenue - total expenses

Therefore,

Net income = 328000 - 164000

= $ 164000

Note that, net income is the total revenue less total expenses, that is the measure of profitability which indicates the amount available to be distributed amongst stockholders.

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