In year 1, Company A has the following info in its financial statements: Retained Earnings (beginning balance) of $32,000; Retained Earnings (ending balance) of $95,000; Revenue of $100,000, Expenses (including tax expense) of $30,000, and dividends declared $7,000.
What amount will be shown as Net Income in Income Statement?
a.$95,000
b.$70,000
c.$63,000
d.$77,000
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “In year 1, Company A has the following info in its financial statements: Retained Earnings (beginning balance) of $32,000; Retained ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
The relation resulting from mapping a weak entity (with a 1:M identifying relationship) has a composite primary key that is composed of the partial identifier and a foreign key corresponding to the primary key of the owner entity. a. True b. False
Answers (1)
What's the first step in financial planning
Answers (1)
Which sentence is clearest? a. tomáás showed mr. white the accounting error. they were worried that he could face criminal charges. b. tomáás showed mr. white the accounting error. he was worried that he could face criminal charges. c.
Answers (1)
What key role those a cost-benefit analysis play? How is it used?
Answers (1)
Select all of the steps for calculating net worth. select all that apply List your assets. Total your assets. List the names of your credit cards. Total your liabilities. List your liabilities. Subtract your liabilities from your assets.
Answers (1)
New Questions in Business
The following information describes a company's usage of direct labor in a recent period: Actual direct labor hours used 40 comma 000 Actual rate per hour $ 12.00 Standard rate per hour $ 11.
Answers (1)
As a result of the increase in malpractice insurance premiums, the concept of defensive medicine has been introduced which means that providers often order more tests and provide more services than necessary to protect themselves from malpractice
Answers (1)
Langhurst Company sold hardware for $12,000 cash and $18,000 of hardware to credit customers. Which of the following is the correct journal entry to record this transaction?
Answers (1)
Select either true or false for the following statements. 1. Relevant costs are also known as unavoidable costs 2. Incremental costs are also known as differential costs 3. An out-of-pocket cost requires a current and/or future outlay of cash. 4.
Answers (1)
According to Debra, the vice president of Theo Chocolate, the most important marketing vehicle the company has is: a. the fair trade certification. b. free product giveaways. c. tours of its factories. d. the unique varieties of chocolates it offers.
Answers (1)