Kilgore company's experienced the following events during its first accounting period. Then based on the information the amount of net income is $800 (300-2200).
What is a Net income?
According to Gabi Slemer, a Chartered Financial Expert and the founder of Finasana, a platform for financial literacy and wellness, "Net income is the last line on a company's income statement and is the amount of operating profit businesses report after deducting cost of goods, operating expenses, and other allowable expenses." When you solely consider revenue, you neglect to consider a company's profitability or overall operating expenses. To evaluate the health of a firm, consult its income statement, which contains information on net income.
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