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15 October, 04:53

began the year with retained earnings of $105000. During 2022, the company issued $79500 of common stock for cash. The company recorded revenues of $748000, expenses of $637000, and paid dividends of $36000. What was Skysong's net income for the year 2022?

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  1. 15 October, 05:22
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    Skysong's net income for the year is $111,000 a shown below

    Explanation:

    Net income=Revenues minus expenses

    Net income=$748,000-$637,000

    Net income=$111,000

    Retained earnings for the year=Opening retained earnings+net income-dividends

    Retained earnings=$105,000+$111,000-$36,000

    =$180,000

    The retained that would be shown in the balance sheet in the equity section at the end of the year is $180,000 which has increased by $75000 compared to previous year
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