Net income: The consolidated earnings of the company are called net income of the company. When the total expenses are deducted from the total revenues, then the resultant amount is net income or net loss. To explain: The net income and its computation.

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Chapter 1, Problem 21DQ

To determine

Net income:

The consolidated earnings of the company are called net income of the company. When the total expenses are deducted from the total revenues, then the resultant amount is net income or net loss.

To explain: The net income and its computation.

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