Use the following appropriate amounts to calculate net income: Revenues, $11,100; Liabilities, $4,400; Expenses, $3,400; Assets, $17,200; Dividends, $1,500.

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Question:

Use the following appropriate amounts to calculate net income: Revenues, $11,100; Liabilities, $4,400; Expenses, $3,400; Assets, $17,200; Dividends, $1,500.

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Answer: $7,700Explanation:The net income shows a difference between the revenues and the expense. And, the same is reflected in the statement of the retained earningsIn mathematically, Net income = Revenue - expenses                    = $11,100 - $3,400                    = $7,700Since the revenue is more than the expense, so the firm has earned a net income of $7,700

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