How to Calculate Net Income (NI) 104

How to Calculate Net Income (NI) 104

Examples of Revenue Accounts
Sales Revenue $1,260,000
Service Revenue $120,000
Total Revenues $1,380,000

Examples of Expense Accounts
Cost of Goods Sold (COGS) $790,000
Salaries Expense $68,000
Travel Expense $26,000
Interest Expense $61,000
Depreciation Expense $34,000
Loss on Sale of Equipment $20,000
Income Taxes Expense $160,000
Total Expenses $1,159,000
Marketable Securities account is an Asset account.
Goodwill account is an Asset account.

Net Income (NI) = Revenues - Expenses $221,000