Nvidia had revenues of $$374,000$ in its first year of operations. Nvidia has not collected on $$45,900$ of its sales and still owes $$38,200$ on $$160,000$ of

merchandise it purchased. There was no inventory on hand at the end of the year. Nvidia paid $$27,600$ in salaries. The shareholders invested $$46,000$

in the business and $$22,000$ was borrowed on a five$-$year note. Nvidia paid $$2,200$ in interest that was the amount owed for the year and paid $$90$

for a two$-$year insurance policy on the first day of business.

Compute net income for the first year for Nvidia.

Multiple Choice

$$214,000$

$$186,400$

$$253,500$

$$179,350$