As of December 31, 2020, what was Lily's net income for the month of December 2020?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Lily graduated from UCSD in 2015. Right now she has an excellent job with a take-home
income (after taxes) of $5,000 a month. The following is her financial situation:
1. She is single and shares an apartment with a roommate. Her monthly expenses in
December 2020 were:
Rent:
Utilities (including cell phone):
Food (including eating out)
Car payment
Gas
Student loan payment
Credit card payment
Personal loan payment
Clothing and personal items
TOTAL
Net loss of $450.00
As of December 31, 2020, what was Lily's net income for the month of December 2020?
Express it in terms of a net gain or a net loss for the month.
Net gain of $450.00
$1,400
600
600
No gain or loss
No answer text provided.
500
200
1,100
500
300
250
$5,450
Transcribed Image Text:Lily graduated from UCSD in 2015. Right now she has an excellent job with a take-home income (after taxes) of $5,000 a month. The following is her financial situation: 1. She is single and shares an apartment with a roommate. Her monthly expenses in December 2020 were: Rent: Utilities (including cell phone): Food (including eating out) Car payment Gas Student loan payment Credit card payment Personal loan payment Clothing and personal items TOTAL Net loss of $450.00 As of December 31, 2020, what was Lily's net income for the month of December 2020? Express it in terms of a net gain or a net loss for the month. Net gain of $450.00 $1,400 600 600 No gain or loss No answer text provided. 500 200 1,100 500 300 250 $5,450
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