Kennedy Company issued stock to Ed Kennedy in exchange for his investment of $95,000 cash in the business. The company recorded revenues of $580,000 and expenses of $445,000. It also paid dividends of $35,000. What was Kennedy's net income for the year?

Kennedy Company issued stock to Ed Kennedy in exchange for his investment of $95,000 cash in the business. The company recorded revenues of $580,000 and expenses of $445,000. It also paid dividends of $35,000. What was Kennedy's 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...

See similar textbooks

Related questions

Q: Define in detail the following in relation to Organizational Ethics. The Ethical Culture of an…

A: The ethical culture of an organization refers to the shared values, beliefs, and norms that…

Q: Find the break even point

A: **Break-Even Formula:** \text{Break-even point (units)} = \frac{\text{Fixed Costs}}{\text{Selling…

Q: None

A: 1. Find the Due DateThe deposit was made on October 1 for 60 days.October has 31 days, so after 31…

Q: What percent are variable costs of sales?

A: Explanation of Variable Cost Percentage:The Variable Cost Percentage represents the portion of total…

Q: Accounting problem with correct solution

A: Step 1: Define Operating ActivitiesAll the core activities of a company are included in the…

Q: expert of general accounting answer

A: Step 1: Definition of Contribution Margin RatioThe contribution margin ratio measures the proportion…

Q: 4 POINT

A: Explanation of Contribution Margin:Contribution margin refers to the portion of sales revenue that…

Q: Provide correct answer with accounting question

A: Step 1: Definition of Applied OverheadApplied overhead is the estimated amount of manufacturing…

Q: provide correct answer

A: To calculate Net Sales, we use the following formula: Net Sales = Sales − Sales Discounts − Sales…

Q: Please given answer accounting question

A: Step 1: Define Lower of Cost or Market MethodLower of cost or market value is the method used to…

Q: Tyson manufacturing company produces and sells 120,000 units of a single product. Variable costs…

A: To determine the markup percentage, we first need to calculate the cost per unit and then compare it…

Q: Get correct answer with accounting question

A: Step 1: Define Projected Benefit ObligationThe Projected Benefit Obligation (PBO) represents the…

Q: The direct labor rate variance is

A: Step 1: Introduction to standard costingStandard costing is a management accounting technique used…

Q: End information

A: Concept of Work in Process InventoryWork in process (WIP) inventory refers to the partially…

Q: hi expert please help me answer

A: Step 1: Definition of Variable CostVariable cost refers to the portion of total costs that changes…

Q: Do fast of this question answer general accounting

A: Step 1: Define the Gross Profit MethodThe Gross Profit Method is a way to estimate ending inventory…

Q: High Return Manufacturing company has a beginning finished goods inventory of $19,600, raw material…

A: Concept of Cost of Goods Manufactured (COGM)Cost of Goods Manufactured (COGM) represents the total…

Q: need help this questions

A: Straight-Line Depreciation: This method spreads the cost of an asset evenly over its useful life.…

Q: Cordova Accounting Services had $150,000 in gross receipts for the year. It cost the company $42,000…

A: Explanation of Gross Receipts: Gross receipts represent the total amount of money a business…

Q: Financial Accounting

A: Step 1: Introduction to cost of capitalCost of capital is the price a business pays to fund its…

Q: What is the net income for the year

A: Step 1: Define Net IncomeNet income, also called the bottom line, represents the difference between…

Q: Hii ticher please given correct answer general Accounting

A: Step 1: Define Total Labor VarianceTotal labor variance measures the difference between the actual…

Q: Provide correct option

A: To calculate the interest on a note, we use the simple interest formula:Interest = Principal * Rate…

Q: turnover ratio.

A: Step 1: Accounts Receivable Turnover Ratio can be calculated by dividing the Net Credit Sales by the…

Q: $ 36,000 204,000 The Drysdale, Koufax, and Marichal partnership has the following balance sheet…

A: Step 1: Maximum Loss That Can Be Absorbed in Step 1The total capital of the partnership is:Drysdale:…

Q: Provide General Accounting Question

A: Concept of Activity-Based Costing (ABC)Activity-Based Costing (ABC) is a method that allocates costs…

Q: accounting question

A: Step 1: Define Accounts Receivable TurnoverAccounts Receivable Turnover measures how efficiently a…

Q: Equivalent Units and Related Costs; Cost of Production Report; Entries Dover Chemical Company…

A: First, we need to calculate the equivalent units for direct materials and conversion costs. The…

Q: none

A: Step 1: Definition of Gross Profit MarginGross profit margin is a profitability ratio that measures…

Q: hello tutor please given correct answer general accounting

A: Step 1: Define Actual Fixed Overhead IncurredActual Fixed Overhead Incurred refers to the total…

Q: What percentage change in sales occurs if profit

A: Approach to solving the question:freeform Detailed explanation: The influence of a shift in sales on…

Q: I need help with this question is correct answer accounting

A: Step 1: Definition of Manufacturing Cycle Efficiency (MCE)Manufacturing Cycle Efficiency (MCE) is a…

Q: The magnitude of operating leverage for Roshan Enterprises is 3.2 when sales are $200,000 and net…

A: Explanation of Operating Leverage: Operating leverage is a measure of how a company's operating…

Q: hello teacher please solve questions

A: To calculate the Return on Equity (ROE) for The Jamestown Group, we use the following formula:ROE =…

Q: What is the depreciation expense

A: Step 1: Definition of Units of Production MethodThe Units of Production (UOP) Method calculates…

Q: correct answer please

A: Step 1: Definition of Equity SharesEquity shares, also known as ordinary shares, represent ownership…

Q: Kindly help me with accounting questions

A: Step 1: Definition of Absorption CostingAbsorption costing is a costing method where all…

Q: What is the rate of pay ?? General accounting

A: Step 1: Define Hourly RateThe hourly rate is the amount an employee earns per hour, calculated by…

Q: Need help this question financial accounting

A: Step 1:First, calculate the average total assets: Average total assets = (Beginning assets + Ending…

Q: Can you help me with accounting questions

A: Step 1: Definition of Direct Labor Rate VarianceThe Direct Labor Rate Variance measures the…

Q: Determine the operating leverage

A: To calculate the operating leverage, we can use the following formula:Operating Leverage =…

Q: provide correct answer is?

A: Step 1: Definition of Operating LeverageOperating leverage is the ratio of the contribution margin…

Q: On January 1, 2023, Barber Corporation paid $1,160,000 to acquire Thompson Company. Thompson…

A: Explanation: Calculate Excess Fair Value Over Book Value Adjustments:Land: $193,000 - $75,000 =…

Q: Calculate the amount of interest provide answer

A: To calculate the amount of interest Cecil will include in his gross income, we need to consider the…

Q: General Accounting

A: Step 1: Define Days' Payables Outstanding (DPO)Days' Payables Outstanding (DPO) measures how long,…

Q: The next dividend payment by Skippy Inc. will be $3.45. The dividends are anticipated to maintain a…

A: Question 1Question 2Question 3Question 4Question 5

Q: Please accounting answer

A: Step 1: Degree of operating leverage Degree of operating leverage = Contribution margin/Pretax…

Q: What percent are variable costs of sales?

A: Step 1:Variable cost is the cost which fluctuate with the production of goods. Variable costs…

Q: ?!

Q: hi expert please help me

A: To determine the minimum sales amount a salesperson needs to generate to justify $16,000 in earnings…

Question

100%

can you please solve this

Kennedy Company issued stock to Ed Kennedy in exchange
for his investment of $95,000 cash in the business. The
company recorded revenues of $580,000 and expenses of
$445,000. It also paid dividends of $35,000. What was
Kennedy's net income for the year?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.
What was kingstons net income for the year?
What was kennedys net income for the year?
Goldfinger Corporation had account balances at the end of the currentyear as follows: sales revenue, $29,000; cost of goods sold, $12,000;operating expenses, $6,200; and income tax expense, $4,320. Assumeshareholders owned 4,000 shares of Gold finger's common stock duringthe year. Prepare Goldfinger's income statement for the current year.
What was kennedys net income for the year
Concord Corp began the year by issuing $113000 of common stock for cash. The company recorded revenues of $123000, expenses of &971000, and paid dividends of $62000. What was concord's net income for the year?
What was kennedys net income for the year? General accounting
On January 1, Year 5, Anderson Corporation paid $864,000 for 27,000 (20%) ofthe outstanding shares of Carter Inc. The investment was considered to be one of significantinfluence. In Year 5, Carter reported profit of $102,000; in Year 6, its profit was $112.00O. Dividends paidwere $67,000 in each of the two years. Required A Calculate the balance in Anderson's investment account as at December 31, Year 6.
Marilu Company began the year with equity of $75,000. During the year, Marilu issued additional ordinary shares in exchange for cash of $105,000, recorded expenses of $300,000, and paid dividends of $20,000. If Marilu's ending equity was $230,000, what was the company's revenue for the year? a. $350,000. b. $370,000. c. $455,000. d. $475,000. 167.
What was kennedys net income for the year general accounting
The following transactions occurred last year at Jost Company: Issuance of shares of the company’s own common stock $170,000 ; Dividends paid to the company’s own shareholders $7,000; Dividends received from investments in other companies’ shares $4,000; Interest paid on the company’s own bonds $11,000; Repayment of principal on the company’s own bonds $40,000; Proceeds from sale of the company’s used equipment $23,000; Purchase of land $120,000 . Based solely on the above information, the net cash provided by financing activities for the year on the statement of cash flows would be: a.$112,000 b. $123,000 c. $375,000 d. $19,000
Bonita Co. invested $910,000 in Windsor Co. for 25% of its outstanding stock. Windsor Co. pays out 30% of net income in dividends each year.Use the information in the following T-account for the investment in Windsor to answer the following questions. Investment in Windsor Co. 910,000 99,000 29,700 (a) How much was Bonita Co.’s share of Windsor Co.’s net income for the year? Net income $enter Bonita’s net income in dollars (b) What was Windsor Co.’s total net income for the year? Total net income $enter the total net income of WindsorCo. for the year (c) What was Windsor Co.’s total dividends for the year? Total Dividends $enter the total dividends of WindsorCo. for the year (d) How much was Bonita Co.’s share of Windsor Co.’s dividends for the year? Dividends $enter the dollar amount of dividends for Bonita Co.