Giga company had the following account balances at the end of its fiscal year. What is its net income for the year? Dividends =6,550, Common Stock=7,000, Fees Earned=72,900 Insurance Expense=22,700, Retained Earnings=8,000, Rent Expense=14,000 Choices: a.29,650, b. 21,650, c.72,900,d.36,200

Giga company had the following account balances at the end of its fiscal year. What is its net income for the year? Dividends =6,550, Common Stock=7,000, Fees Earned=72,900 Insurance Expense=22,700, Retained Earnings=8,000, Rent Expense=14,000 Choices: a.29,650, b. 21,650, c.72,900,d.36,200

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Giga company had the following account balances at the end of its fiscal year. What is
its net income for the year?
Dividends =6,550, Common Stock-7,000, Fees Earned=72,900
Insurance Expense-22,700, Retained Earnings=8,000, Rent Expense=14,000
Choices: a.29,650, b. 21,650, c.72,900,d.36,200

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