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: Stanly corporation reports the following information solve this accounting questions

A: Step 1: Definition of Profit Margin, Investment Turnover, and Rate of Return on InvestmentProfit…

Q: Kindly help me with general accounting question

A: To calculate the recognized gain or loss on the sale.Step 1: Calculate the cost basis per share for…

Q: General Accounting

A: Option 1: This option is correct because accounts payable represents the amounts owed by a company…

Q: What was the total return?

A: Step 1: Given Value for Calculation Beginning Price per Stock = bp = $80Dividend Per Stock = d =…

Q: What is the actual total direct material cost for the correct period?

A: Step 1: Define Standard CostThe standard cost is the benchmark that a company set to produce one…

Q: Financial Accounting

A: Step 1: Define Cost of EquityThe cost of equity is a company's cost arising from raising capital…

Q: Jean Peck's Furniture's manufactures tables for.... Please answer the general accounting question

A: Step 1: Define Absorption CostingIn management accounting, absorption costing is a method that…

Q: Hi expert please give me answer general accounting question

A: Step 1: Definitions of Net Income: The profit remaining after deducting all expenses, including…

Q: The Collins Company forecasts that total overhead for the current year will be $18,000,000 and that…

A: Explanation of Predetermined Overhead Rate: The predetermined overhead rate is a calculated rate…

Q: General accounting question

A: Step 1: Definition of High-Low MethodHigh-Low Method: The high-low method is used to estimate the…

Q: Owners' equity at the end of the start of the period is 35,000 and net income for the period is…

A: Step 1: Information givenBeginning owners' equity = $35,000Net income = $30,000Additional…

Q: From the information above, determine the amount of Bolton Company inventory.

A: Data ProvidedThe following information is given for each item in inventory:Quantity: The number of…

Q: Felde Company builds custom fishing lures for sporting goods stores. In its first year of…

A: Step 1: Understand Variable CostingUnder variable costing, the manufacturing cost per unit includes…

Q: None

A: To solve the problem, we will use the following financial formulas:Key Formulas:Step 1: Calculate…

Q: General Accounting question

A: Step 1: Define Stock InvestmentsAn investor can invest in securities of three classifications:…

Q: Determine the equivalent units of production with respect to direct materials and conversion.

A: Equivalent Units of Production (EUP)Victory Company uses the weighted-average process costing…

Q: Variable costing considers fixed manufacturing overhead costs as a(n) a. future cost b.…

A: The correct answer is:c. immediate expense ExplanationUnder variable costing, fixed manufacturing…

Q: What is this answer?

A: Explanation of FIFO (First-In, First-Out):The FIFO method assumes that the oldest inventory (first…

Q: Highlands Company uses the weighted-average method in its process costing system. It processes wood…

A: 1. Problem OverviewHighlands Company processes wood pulp using the weighted-average method. We need…

Q: Use the following extract of data from Daffy Taffy to answer the question that follows. Percentage…

A: Calculating Equivalent Units TransferredTo determine the equivalent units transferred to the Cooking…

Q: Subject:- General Account

A: Step 1: Since there's no ending inventory, we have to assume that the Inventory, ending balance is…

Q: Regulations and requirements necessary to open an Accounting Firm?

A: The first step to opening an accounting firm is to obtain the necessary education and experience.…

Q: Do fast answer of this accounting questions

A: Step 1: Calculation of Average Accounts ReceivablesStep 2: Calculation of Days' Sales in Accounts…

Q: What is the depreciation expense for 2024 ?

A: Step 1: Definition of Units of Production (UOP) DepreciationUnits of Production (UOP) depreciation…

Q: General accounting

A: Step 1: Key InformationNet Income (2013): $350,000Beginning Common Stockholders' Equity (Jan 1,…

Q: Need help with this financial accounting question not use ai please don't

A: Step 1: Define Dividend YieldThe dividend yield is a financial ratio that compares the amount of…

Q: Accounting 25

A: Explanation of Trade Credit TermsTrade credit terms represent the payment conditions set by the…

Q: Veer Trucking raised $280 million in new debt and used this to buy back stock. After the recap,…

A: To determine the number of shares remaining after the recapitalization (recap), we need to calculate…

Q: Please give me answer general accounting question

A: Step 1: Analysis of information givenQuantity of inventory = 200 unitsSelling price per unit =…

Q: Please given correct answer

A: Compute the interest expense for 2023 that should appear in the income statement.Interest Expense =…

Q: provide general account answer

A: To compute the lower of cost or market (LCM) for inventory applied separately to each product, we…

Q: Which of the following statements explain the permanent differences between tax and financial…

A: The correct answer is:d. ii and iii ExplanationPermanent differences between tax and financial…

Q: Answer? ? Ganeral Accounting question

A: Step 1: Define Capital Gain YieldThe excess amount realized is capital gain yield whenever an item…

Q: Don't use ai solution given correct answer general Accounting

A: Step 1: Define Capital Gain TaxA capital gain tax is a tax paid on capital gains made from the sale…

Q: Please solve this accounting problem not use ai

A: Step 1: Define Net Profit under Variable CostingUnder variable costing, fixed manufacturing overhead…

Q: John Inc. doubled its amount of assets

A: Step 1: Compute the value of total assets at the end of the year by using the accounting equation as…

Q: What best represents the accounting equation of this company?

A: Explanation of Accounting EquationThe accounting equation represents the fundamental relationship in…

Q: Right Answer

A: Solution:Given:Terms of trade: 2/15,net 55Costly trade credit carried: $385,000Payment period: 55…

Q: Calculate the sustainable growth rate ??

A: Step 1: Definition of Sustainable Growth Rate (SGR)The Sustainable Growth Rate (SGR) is the maximum…

Q: Calculate the days sales in receivables?

A: Step 1: Define The Days' Sales In Receivables.The days' sales in accounts receivable ratio (also…

Q: General Accounting

A: Step 1: Define DividendsThe dividend is described as a portion of a company's profit that is…

Q: Need help with this accounting problem without use Ai

A: Step 1: Define Budgeted Indirect Cost RateThe Budgeted Indirect Cost Rate is calculated by dividing…

Q: Hello tutor provide correct answer general accounting question

A: Step 1: Define Preferred StockThe preferred stock offers fixed returns to the investors, and its…

Q: Yam Corporation plans to sell 53,000 units of its single product in March. The company has 3,600…

A: Explanation of Production Budget:A production budget outlines the number of units that a company…

Q: TD Company has a budget with sales of 10,800 units and $4,500,000. Variable costs are budgeted at…

A: Step 1: Introduction to budgetingBudgeting is defined as the process of preparing a financial plan…

Q: What is the company's dividend yield on these financial accounting question?

A: Step 1: Define Dividend YieldThe shareholders of a firm are usually bifurcated into two categories,…

Q: Accounting

A: The question requires the determination of the total dollar return.Total return, when measuring…

Q: The accounting equation may be expressed as: Choose the best answer. a. Assets Liabilities = Owner's…

A: The correct answer is:b. Assets - Liabilities = Owner's Equity Explanation:The accounting equation…

Q: In its first month of operations, Bonita Industries made three purchases of merchandise in the…

A: Step 1: Summarize PurchasesBonita Industries made the following purchases:PurchaseQuantityUnit Cost…

Q: Cost Account

A: Step 1:Contribution margin is the money left after deducting all variable expenses from sales…

Question

What was kennedys net income for the year? General accounting

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.
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.
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?
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.
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.
The Harbinger Corporation reported net income of $6 million and total assets of $7 million in its current financial statements. During the year, their average number of common shares outstanding was 3 million. The current price of a share of its common stock is $5. What is The Harbinger Corporation’s earnings per share for the current year?
The following information relates to the operations of Branded Ltd. The net profit after tax was $1,000,000. The company distributed ordinary dividends of $600,000 to its shareholders. Over the year, weighted average number of ordinary shares were 2,000,000. Ordinary shares are currently selling for $8.00 per share. What is the earning per share for the company? 0.20. 0.33. 0.40. 0.50.
At the beginning of the year, Corporation A purchased 8,000 shares of Corporation B's common stock for $40 per share. B reported net income of $120,000 for the year and paid dividends of $45,000. As of December 31, the market value of B's common stock was $42 per share. Assuming the shares owned by Company A represent 10% of the total outstanding stock of Company B, how much income should A report from its investment in B for the year if the shares are considered trading securities? $4,500 $12,000 $20,500
As a stockholder of Bozo Oil Company, you receive its annual report. In the financial statements, the firm has reported assets of $16 million, liabilities of $11 million, after-tax earnings of $2.35 million, and 1.60 million outstanding shares of common stock. Calculate the earnings per share of Bozo Oil’s common stock. Note: Round your answer to 2 decimal places. Assuming a share of Bozo Oil’s common stock has a market value of $40, what is the firm’s price-earnings ratio? Note: Round your intermediate calculation to 2 decimal places and final answer to the nearest whole number. Calculate the book value of a share of Bozo Oil’s common stock. Note: Round your answer to 2 decimal places.
The board of directors of Kendall Co. declared cash dividends totaling $390,000 during the current year. The comparative balance sheet indicates dividends payable of $58,000 at the beginning of the year and $73,000 at the end of the year. What was the amount of cash dividends paid during the year?