BEE Enterprises started the year with the following: Assets $120,000 Liabilities $40,000 Common Stock $70,000 Retained Earnings $10,000 During the year, the company earned revenue of $7,500, all of which was received in cash, and incurred expenses of $4,100, all of which were unpaid as of the end of the year. In addition, the company paid dividends of $1,800 to owners. Assume no other activities occurred during the year. What was the amount of net income for the year?

BEE Enterprises started the year with the following: Assets $120,000 Liabilities $40,000 Common Stock $70,000 Retained Earnings $10,000 During the year, the company earned revenue of $7,500, all of which was received in cash, and incurred expenses of $4,100, all of which were unpaid as of the end of the year. In addition, the company paid dividends of $1,800 to owners. Assume no other activities occurred during the year. What was the amount of net income for the year?

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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