Dynamic Technologies started the year with total assets of $150,000 and total liabilities of $65,000. The company's revenues for the year were $120,000, and expenses totalled $90,000. During the year, the company did not issue any common stock but distributed $40,000 in dividends. What is Dynamic Technologies' net income for the year?

Dynamic Technologies started the year with total assets of $150,000 and total liabilities of $65,000. The company's revenues for the year were $120,000, and expenses totalled $90,000. During the year, the company did not issue any common stock but distributed $40,000 in dividends. What is Dynamic Technologies' 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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