General accounting question During 2022, Harbor Corporation earned revenues of $120,000, had expenses of$85,000, purchased assets with a cost of $12,000, and paid dividends of $8,000.What was the net income for the year?

Step 1: Define Net IncomeNet Income is the total earnings or profit of a company after all expenses,…

Answered: During 2022, Harbor Corporation earned…

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter6: Accounting For Financial Management

Section: Chapter Questions

Problem 12P

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During 2022, Harbor Corporation earned revenues of $120,000, had expenses of $85,000, purchased assets with a cost of $12,000, and paid dividends of $8,000. What was the net income for the year?