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?
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What was kennedys net income for the year? General accounting
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- 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?
- Brighton Corporation issued stock to a new investor for $120,000 in cash. The company recorded revenues of $750,000 and expenses of $620,000. It also paid dividends of $40,000. What was Brighton Corporation's net income for the year?How much was miller net income for the year?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
- 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.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?
- 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 yearThe total assets and the total liabilities of a Kahn Jazz, Inc., at the beginning and at the end of the year appear below. During the year, the company paid $55,000 in cash dividends and issued an additional $33,000 of capital stock. Assets at Beginning and End of year, respectively, are $305,000 and $365,000. Liabilities at Beginning and End of year, respectively, are $200,000 and $230,000. The correct amount of Net Income or Net Loss for the year is: Net Income of $52,000 Net Loss of $58,000 Net Income of $30,000 Net Income of $85,000Thelma and Louie, Inc. started the year with a balance of retained earnings of $545 million and ended the year with retained earnings of $590 million. The company paid dividends of $35 million to the preferred stockholders and $75 million to common stockholders. Calculate Thelma and Louie’s net income for the year.