Using the following information, what is the amount of net income? Purchases $ 33,114 Selling expenses $ 677 Merchandise inventory, September 1 7,740 Merchandise inventory, September 30 11,372 Administrative expenses 665 Sales 50,575 Rent revenue 1,118 Interest expense 1,152

The net income is $32,961

Explanation:

In order to calculate the net income, we will classify the transaction into income and expenses, and compute the difference between their totals;

Income;

Merchandise inventory Sept. 1 =    $  7,740

Merchandise inventory Sept. 30 = $ 11,372

Sales                                             =  $ 50,575

Total                                              =  $ 69,687

Expenses;

Purchases                             = $ 33,114

Selling expenses                  = $     677

Administrative expense       = $     665

Rent Revenue                       = $    1,118

Interest expense                  = $     1,152

Total                                      = $  36,726

Net income = Total income - Total expenses

= 69,687 - 36,716 = $32,961

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