Answer:
The Wexler’s net income for the year is $85,000
Explanation:
Net income: If the company has excess revenues over its expenses than it is term as net income otherwise it is a net loss.
The computation of the net income is shown below:
= Total revenues - total expenses
= $135,000 - $50,000
= $85,000
The ending cash balance is not reflected in the income statement because it has come under the asset side in the balance sheet.
