Homework: Ch1-HW Score: 0 of 5 pts E1-23 (similar to) Save 1 of 2 (0 complete) H

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Homework: Ch1-HW Score: 0 of 5 pts E1-23 (similar to) Save 1 of 2 (0 complete) HW Score: 0%, 0 of 20 pts Question Help * During 2018, Gentile Breeze Spa reported revenue of $55,000. Total expenses for the year were $35,000. Gentile Breeze Spa ended the year with total assets of S50,000, and it owed debts totaling $15,000. At year-end 2017, the business reported total assets of $30,000 and total liabilities of $15,000. Read the requirements. Requirement 1. Compute Gentile Breeze Spa's net income for 2018. Begin by identifying the formula to calculate net income and then enter the amounts to solve for net income. Net Income

Explanation / Answer

Reported Revenue - Total Expenses = Net Income

$ 55,000 - $ 35,000 = $ 20,000

Therefore, The Net Income for the year 2018 = $ 20,000

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