Joe and Janice run an accounting firm. The firm receives $5,000,000 as income from its services. It pays an annual rent for office premises amounting to $240,000. The salary paid to staff amounted to $100,000. Other operating expenses added up to $24,000. What is the net income earned by their business?

The total expenses of the accounting firm ammounted to a) 364,000 b) 240,000 c) 340,000 Thus, the net income earned by the business is a) 4760000 b) 46360000 c) 4660000