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Accounting (Text Only)
A business had revenues of $640,000 and operating expenses of $715,000. Did the business (a) incur a net loss or (b) realize net income?
Net income: The bottom line of income statement which is the result of excess of earnings from operations (revenues) over the costs incurred for earning revenues (expenses) is referred to as net income. Net income is calculated as shown below:
To determine: If the business earned net income or net loss
Compute net income (loss) of the business.
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