Net Income : (Retained earnings at the end of the year - Retained earnings at the beginning of the year) + Dividends
Net Income : ($71,850 - $56,000) + $18,350
Net Income : $15,850 + $18,350
Net Income : $34,200
Net income refers to the income of an individual or business after deducting expenses, allowances and taxes. In commerce, net income is what is left in the business after all expenses such as salaries and wages, cost of goods and raw materials, and taxes.
Is Net income the Same as Profit?
Profit simply means the remaining income minus expenses. It exists at multiple levels, depending on the type of cost that is deducted from the revenue. Net income, also known as net profit, is a single number that represents a particular type of profit. Net income is the famous last line of financial statements.
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