Splish Brothers Inc. compiled the following financial information as of December 31, 2017: Service revenue $834,000 Common stock 176,000 Equipment 255,000 Operating expenses 733,000 Cash 209,000 Dividends 62,000 Supplies 26,000 Accounts payable 119,000 Accounts receivable 85,000 Retained earnings, 1/1/17 441,000 What is Splish Brothers Net Income/(Loss)a. $510000. b. $575000 c. $1415000 d. $1025000

Net loss of $99,000 which is not in the list.

b. $575000 is the answer according to attached question

Explanation:

Required value and data is not consistent with the data provided It is not possible of match net income with any answer. Even Revenue - Expenses is less the given option there might be cost of goods sold which to be deducted.

A similar question is attached with this answer, and consider its data for my answer

                                              $               $

Assets

Equipment                                       255,000

Accounts receivable                         85,000

Cash                                                 209,000

Supplies                                             26,000

Total Assets                                      575,000

Equity and Liabilities

Equity

Common stock                                 176,000

1/1/17 Retained earnings  441,000

Net Income                      (99,000)

Dividends                        (62,000)

1/31/17 Retained earnings                280,000

Liabilities

Accounts payable                            119,000

Total Equity and Liability                 575,000