What was kandinsky net income for the year? KANDINSKY ENTERPRISES ISSUED STOCK TO MARIAKINGSTON IN EXCHANGE FOR HER INVESTMENT OF $72,000CASH IN THE BUSINESS. THE COMPANY RECORDEDREVENUES OF $645,000 AND EXPENSES OF $512,000, ANDTHE COMPANY PAID DIVIDENDS OF $55,000.WHAT WAS KANDINSKY'S NET INCOME FOR THE YEAR?A. $72,000B. $133,000C. $578,000D. $89,000

Provided Data:Cash Investment by Maria (Common Stock) = $72,000Revenues = $645,000Expenses =…

Answered: KANDINSKY ENTERPRISES ISSUED STOCK TO…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter19: Corporations: Distributions Not In Complete Liquidation

Section: Chapter Questions

Problem 1BCRQ

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The income statement for Stellar Industries shows income before income taxes $750,000, income tax expense $225,000, and net income $525,000. If Stellar has 150,000 shares of common stock outstanding throughout the year, earnings per share is: a. $5.00 b. $3.50 c. $1.50 d. $2.00

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