For the most recent year, Grant Company reported revenues of $150,000, cost of goods sold of $84,000,

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For the most recent year, Grant Company reported revenues of $150,000, cost of goods sold of $84,000, inventory of $5,000, salaries expense of $40,000, rent expense of $15,000, and cash of $20,000. What was Grant’s net income?

a. $66,000

b. $11,000

c. $26,000

d. $95,000

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Cornerstones Of Financial Accounting Current Trends Update

ISBN: 9781111527952

1st Edition

Authors: Jay Rich , Jeff Jones, Maryanne Mowen , Don Hansen

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