Daniels company reports the following year-end account balances at december 31, 2017. accounts payable $20,000 inventory $40,000 accounts receivable $40,000 land $100,000 bonds payable, long-term $250,000 goodwill $10,000 buildings $160,000 retained earnings $115,000 cash $50,000 sales revenue $500,000 common stock $100,000 supplies inventory $5,000 cost of goods sold $200,000 supplies expense $20,000 equipment $80,000 wages expense $100,000 what is daniels' net income for 2017?

         Net Income        180,000

Explanation:

The net income will be calculate by subtracting the expenses from the sales revenue of the firm

Sales revenue          500,000

Cost of goods sold (200,000)

Gross Profit              300,000

Operating expenses

Supplies expense (20,000)

Wages expense   (100,000)

         Net Income        180,000

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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