High Step Shoes had annual revenues of $205,000 and expenses of $113,700, and the company paid dividends of $26,000 during the current year. The retained earnings account before closing had a balance of $317,000. What is the net income for the year?

High Step Shoes had annual revenues of $205,000 and expenses of $113,700, and the company paid dividends of $26,000 during the current year. The retained earnings account before closing had a balance of $317,000. What is the net income for the year?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...

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Question

I want to correct answer general accounting question

High Step Shoes had annual revenues of $205,000
and expenses of $113,700, and the company paid
dividends of $26,000 during the current year. The
retained earnings account before closing had a
balance of $317,000. What is the net income for the
year?

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