### Understanding Net IncomeTo determine how much net income Wolf Enterprises earned during 2021, we need to consider the financial figures provided and follow these key steps:1. **Revenue Calculation**: Add up the total revenues.2. **Expense Calculation**: Add up the total expenses.3. **Net Income Calculation**: Subtract the total expenses from the total revenues.#### Data Provided:- **Revenues**: - Service Revenue: $32,400 - Other Revenue: $700- **Expenses**: - Cost of Services Sold: $14,500 - Depreciation Expense: $4,200 - Selling, General, and Administrative Expenses: $6,100 - Income Tax Expense: $500 - Dividends Declared: $700#### Steps to Calculate Net Income:1. **Total Revenues**: - Service Revenue: $32,400 - Other Revenue: $700 - **Total Revenues = $32,400 + $700 = $33,100**2. **Total Expenses**: - Cost of Services Sold: $14,500 - Depreciation Expense: $4,200 - Selling, General, and Administrative Expenses: $6,100 - Income Tax Expense: $500 - Dividends Declared: $700 - **Total Expenses = $14,500 + $4,200 + $6,100 + $500 + $700 = $26,000**3. **Net Income**: - **Net Income = Total Revenues - Total Expenses** - **Net Income = $33,100 - $26,000 = $7,100**### Conclusion:Wolf Enterprises earned a net income of $7,100 during 2021.Please insert the value of the net income, $7,100, into the provided blank box to complete the educational activity.

Net Income: A company's "net income" is the amount of money it retains after paying all of its…

How much net income did Wolf Enterprises earn during 2021? Net income for 2021 was Cost of services sold Accumulated depreciation Selling, general, and administrative expenses Retained earnings, December 31, 2020 $ 14,500 Service revenue 40,800 Depreciation expense Other revenue 6,100 Dividends declared Income tax expense 2,700 Income tax payable $ 32,400 4,200 700 700 500 1,100

How much net income did Wolf Enterprises earn during 2021? Net income for 2021 was Cost of services sold Accumulated depreciation Selling, general, and administrative expenses Retained earnings, December 31, 2020 $ 14,500 Service revenue 40,800 Depreciation expense Other revenue 6,100 Dividends declared Income tax expense 2,700 Income tax payable $ 32,400 4,200 700 700 500 1,100

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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