Annapolis Corporation's trial balance included debits to expense accounts of $160,000, credits to revenue accounts of $153,000, and debits to the Dividends account of $50,000. Based on this information, what is the amount of the company's net income or loss. Enter a loss as a negative number.

Question

Jackson Norton

Business

6 August, 01:13

Annapolis Corporation's trial balance included debits to expense accounts of $160,000, credits to revenue accounts of $153,000, and debits to the Dividends account of $50,000. Based on this information, what is the amount of the company's net income or loss. Enter a loss as a negative number.

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Answers (1)

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Conner Choi · Answer 1

THere will be a negative loss for (7,000) dollars

Explanation:

The net income will be the result of doing revenues less expenses

The cash dividends are not considered for the calcualtions. they impact retained earnings not the income of the current period.

revenues 153,000

expenses (160,000)

loss (7,000)