During the year, Sand, Inc. had $120,000 in revenues, $48,000 in expenses, and paid $3,600 in...

Question

Question

During the year, Sand, Inc. had $120,000 in revenues, $48,000 in expenses, and paid $3,600 in dividends. Net income equals: M

business accounting

Answer 1

Answer #1

Compuation of Net Income Particulars Amount($) Revenue 120000 Expenses 48000 Less: Net Income 72000 Note; Dividend paid will

Comment below if you have any query i will solve it asap !! thanks

And please do give thumbs up to the answer !!

Answer 2

Similar Homework Help Questions

Tiptoe Shoes, had annual revenues of $185,000, expenses of $103,700, and paid dividends of $18,000 during...

Tiptoe Shoes, had annual revenues of $185,000, expenses of $103,700, and paid dividends of $18,000 during the current year. The retained earnings account before closing had a balance of $297,000. The ending retained earnings balance after closing is: Multiple Choice $378,300 $360,300 $81,300 $185,000 $63,300 On July 1, a company paid the $2,400 premium on a one-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the first year...
High Step Shoes had annual revenues of $192,000, expenses of $107,200, and paid dividends of $20,800...

High Step Shoes had annual revenues of $192,000, expenses of $107,200, and paid dividends of $20,800 during the current year. The retained earnings account before closing had a balance of $304,000. The ending retained earnings balance after closing is: Multiple Choice $192,000 $84,800 $368.000 $64,000 $388,800
During the year, A Salt & Buttery, Inc., had revenue of $77,000 of which $8,000 was...

During the year, A Salt & Buttery, Inc., had revenue of $77,000 of which $8,000 was collected from customers. It also had expenses of $26,000 of which $3,000 was paid. The owners were paid $20,000 in dividends. Net income for the year equals ______.

During the year, A Salt & Buttery, Inc., had revenue of $86,000 of which $17,000 was...

During the year, A Salt & Buttery, Inc., had revenue of $86,000 of which $17,000 was collected from customers. It also had expenses of $29,000 of which $3,000 was paid. The owners were paid $20,000 in dividends. Net income for the year equals DO NOT INCLUDE $ IN ANSWER
During the year, A Salt & Buttery, Inc., had revenue of $95,000 of which $11,000 was...

During the year, A Salt & Buttery, Inc., had revenue of $95,000 of which $11,000 was collected from customers. It also had expenses of $28,000 of which $3,000 was paid. The owners were paid $20,000 in dividends. Net income for the year equals DO NOT INCLUDE $ IN ANSWER
A list of Year 3 revenues and expenses for Green Thumb, Inc. is provided below. $...

A list of Year 3 revenues and expenses for Green Thumb, Inc. is provided below. $ Advertising and Promotion Expenses Income Tax Expense Interest Expense Other Expenses Other Selling & Administrative Expenses Sales Revenue Salaries and Wages Expense 263, 109 56,560 43.969 123,000 351 408 1,868. 309 725,40e Required: a. Calculate the net income for the Green Thumb Inc. for Year 3. b. Prepare a statement of retained earnings for Green Thumb, Inc. for Year 3. Assume the company had...

At the beginning of the year, Vendors, Inc, had owners' equity of $48,875. During the year,...

At the beginning of the year, Vendors, Inc, had owners' equity of $48,875. During the year, net income was $5,275 and the company paid dividends of $3,775. The company also repurchased $7,625 in equity. What was the cash flow to stockholders for the year? Multiple Choice $9125 -$3,850 $3,850 -$11,400 $11,400
Cape Co. started business this year. For this year, it had revenues of $240,000, expenses of...

Cape Co. started business this year. For this year, it had revenues of $240,000, expenses of $180,000 and cash flows from operating activities of $48,000, and paid dividends of $6,000. What is the amount of Retained Earnings at the end of Cape's first year of operations?
Radical Innovators, Inc. had revenues of $290,000 in its first year of operations The company has...

Radical Innovators, Inc. had revenues of $290,000 in its first year of operations The company has not collected on $18,500 of its sales and still owes $26,700 on $75,000 of merchandise it purchased. The company had no Inventory on hand at the end of the year. The company paid $13.000 in salaries. Owners Invested $ 21,000 in the business and $21,000 was borrowed on a five-year note. The company paid $3,200 In Interest that was the amount owed for the...

High Step Shoes had annual revenues of $185,000, expenses of $103,700, and dividends of $18,000 during the current year.

High Step Shoes had annual revenues of $185,000, expenses of $103,700, and dividends of $18,000 during the current year. The retained earnings account before closing had a balance of $297,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is:Multiple ChoiceDebit Retained earnings $297,000; credit Income Summary $297,000Debit Retained earnings $63,300; credit Income Summary $63,300Debit Income Summary $63,300; credit Retained earnings $63,300Debit Income Summary $81,300, credit Retained...