John’s Landscaping had shareholders that invested $150,000. The company has earned revenues of $75,000, of which $50,000 were collected. They have incurred expenses of $82,000. Calculate its net income. Group of answer choices

the net income is -$7,000

Explanation:

The computation of the net income is shown below:

As we know that

Net income = earned revenues - incurred expenses

= $75,000 - $82,000

= -$7,000

By deducting the expenses from the revenues we can get the net income

But here the net income is in negative as the expenses are more than the revenues

So, the net income is -$7,000

if i need to borrow money for anything, it would be for something like a house or an apartment but, that depend on the situation.

is this good enough?

income statement is prepared in order to show the profits and loss of a business. in order to prepare the income statement she should collect all the income and expenses of the product with the cost of production.