For the Previous Year, Sambino's Italian Restaurant Had a Total

question 34

Multiple Choice

For the previous year, Sambino's Italian Restaurant had a total of $320,000 in expenses and $295,000 in revenues. Sambino's

• A) had a net income of $325,000 for the year.
• B) had a net loss of $25,000 for the year.
• C) lost $25,000 in revenues.
• D) acquired an additional $295,000 in assets.
• E) increased its stockholders' equity by $25,000.

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