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elance an owner of a restaurant has the following -

Elance an owner of a restaurant has the following

Quetion: Elanke, an owner of a restaurant, has the following financial information for the year ending December 31, 2016.

Revenue earned    $410,000

Cash received from customers    300,000

Expenses incurred in the purchase of ingredients    250,000

Depreciation incurred during the year    700

Cash paid for miscellaneous expenses incurred in the year 2015    120,000

Based on the accrual basis of accounting, Elanke’s net income for the year is __________.

$459,300

$39,300

$159,300

$339,300

 

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