I. Beginning with total revenue, how do you reach net operating income?

A. Adjust non-controllable items, subtract controllable items, and exclude non-cash items.

B. Subtract non-cash items, exclude non-controllable items, and adjust controllable items.

C. Subtract non-controllable items, adjust controllable items, and exclude non-cash items.

II. Why is it important to normalize the income statement?

A. It adjusts the propertys expenses for the year to be more realistic if the overall market of comparable properties is performing poorly.

B. It adjusts the propertys expenses to what they should generally look like when compared to other comparable properties.

C. Normalizing the income statement helps account for an inflationary economic environment.

Answer I and II. Thank you!!!