The following information relates to Marin Inc. for the year 2017.

Retained earnings, January 1, 2017 $48,960 Advertising expense $1,840
Dividends during 2017 5,100 Rent expense 10,610
Service revenue 63,750 Utilities expense 3,160
Salaries and wages expense 28,560 Other comprehensive income (net of tax)
410

After analyzing the data, compute net income.

Net income / (loss)=

Net income = $74,050

Explanation:

To answer this question, we have to first classify the particulars into either income or expenditure, and find their difference. If income is more than expenditure, profit is made,but if expense is more, loss is made.

Income:

Retained earnings  =  $ 48,960

Dividends                =  $   5,100

service revenue      =  $ 63,750

other comp. income =$       410

Total                         =  $ 118,220

Expenses

Advertising expense = $ 1,840

Rent expense             = $ 10,610

utilities expense         = $ 3,160

Salaries and wages    = $ 28,560

Total                             = $ 44,170

Since the total income is more than total expense, profit was made, hence the net income = Total income - Total expense

= 118,220 - 44,170 = $74,050

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