Kennedy Company issued stock to Ed Kennedy in exchange for his investment of $66,000 cash in the business. The company recorded revenues of $578,000 and expenses of $495,000, and the company paid dividends of $49,000. What was Kennedy's net income for the year?
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Kennedy Company issued stock to Ed Kennedy in exchange for his investment of $66,000 cash in the business. The company recorded revenues of $578,000 and expenses of $495,000, and the company paid dividends of $49,000. What was Kennedy's net income for the year?
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- Kennedy company issued stock to edAnswer this question correctly and accurately.Whipporwill, Incorporated’s, net income for the most recent year was $24,020. The tax rate was 24 percent. The firm paid $4,156 in total interest expense and deducted $6,291 in depreciation expense. What was the cash coverage ratio for the year
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- What was the total assets on AWQ's balance sheet at end of the year?Sandhill Electronics reported the following information at its annual meetings: The company had cash and marketable securities worth $1,235,455, accounts payables worth $4,159,357, inventory of $7,158,300, accounts receivables of $3,469,000, short-term notes payable worth $1,128,000, and other current assets of $121,455. What is the company's net working capital?Excel Template(Note: This template includes the problem statement as it appears in your textbook. The problem assigned to you here may have different values. When using this template, copy the problem statement from this screen for easy reference to the values you’ve been given here, and be sure to update any values that may have been pre-entered in the template based on the textbook version of the problem.) Net working capital $enter the Net working capital in dollarsa. Received $9,640 cash for consulting services rendered. b. Issued 38 additional shares of common stock at a market price of $190 per share. c. Purchased $780 of office equipment, paying 15 percent in cash and owing the rest on a short-term note. d. Received $1,030 from clients for consulting services to be performed in the next year. e. Bought $610 of supplies on account. f. Incurred and paid $1,940 in utilities for the current year. g. Consulted for clients in the current year for fees totaling $1,760, due from clients in the next year. h. Received $3,120 from clients paying on their accounts. L Incurred $6,350 in salaries in the current year, paying $5,440 and owing the rest (to be paid next year). JPurchased $1,370 in short-term investments and paid $940 for insurance coverage beginning in the next fiscal year. k. Received $80 in interest revenue earned in the current year on short-term investments. 4. What would net income be if Conover, Inc., used the cash basis of accounting?…