Which of the following combinations results in a net loss reported on the income statement?
A. Total revenues of $80,000 and total expenses of $74,000.
B. Total revenues of $40,000 and total expenses of $31,000.
C. Total revenues of $70,000 and total expenses of $74,000.
D. Total revenues of $60,000 and total expenses of $52,000.
E. Total revenues of $20,000 and total expenses of $16,000.
Answer: C
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