Kingston Enterprises issued stock to James Kingston in exchange for his investment of $65,000 cash in the business. The company recorded revenues of $600,000 and expenses of $470,000, and the company paid dividends of $35,000. What was Kingston's net income for the year?

Kingston Enterprises issued stock to James Kingston in exchange for his investment of $65,000 cash in the business. The company recorded revenues of $600,000 and expenses of $470,000, and the company paid dividends of $35,000. What was Kingston'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: General Accounting

A: Step 1: Definition of Standard Cost Per UnitThe standard cost per unit includes direct material,…

Q: answer plz

A: Step 1: Definition of Variable Costing Unit Product CostVariable costing only includes variable…

Q: kindly help me with account questions

A: Step 1: Definition of DeficitA deficit occurs when a government's total spending exceeds its total…

Q: Quick answer of this accounting questions

A: Step 1: Definition of Job CostingJob costing is a cost accounting method used to determine the cost…

Q: Repsola is a drilling company that operates an offshore Oilfield in Feeland. Five years ago, Feeland…

Q: Accurate answer

A: To find the cash proceeds, we need to calculate the discount amount and subtract it from the face…

Q: Subject accounting

A: Explanation of Economic Order Quantity (EOQ):The Economic Order Quantity (EOQ) is the ideal order…

Q: What is the company's gross margin ratio of this financial accounting question?

A: Step 1: Definition of Gross Margin RatioThe gross margin ratio measures a company's profitability by…

Q: Solution

A: 1.1.14 Income or Loss from Acceptance of OfferStep 1: Calculate Contribution Margin per UnitSelling…

Q: Hello tutor provide answer this financial accounting question

A: Step 1: Definition of Accounts Receivable TurnoverAccounts Receivable Turnover is a financial ratio…

Q: Z is a standard item stocked in a company WCU's inventory. Each year the firm, on a random basis,…

A: Approach to solving the question: The Economic Order Quantity (EOQ) formula is given by:EOQ =…

Q: (a) A property lease includes a requirement that the premises are to be repaintedevery five years…

A: (a) Provision for Repainting CostsNo, it is not correct for the lessee to provide for the repainting…

Q: Therefore, Everest Corp.'s Return on Equity (ROE) is

A: Net Income = Return on Assets * Total AssetsNet Income = 12%*5,200,000Net Income = $624,000 Total…

Q: Do fast answer of this accounting questions

A: Step 1: Definition of Return on Assets (ROA)Return on Assets (ROA) measures how efficiently a…

Q: hello tutor provide solution

A: Step 1: Definition of Labor Efficiency VarianceLabor efficiency variance measures the difference…

Q: help me to solve this questions

A: Step 1: Definition of Gross Profit MarginGross Profit Margin is a financial ratio that measures how…

Q: Question 56

A: 1st question: Answer:(a) Interrelated factors demand comprehensive…

Q: Accurate answer

A: Step 1: 1) Material Price Variance Material Price Variance = Actual Quantity of Input at Actual…

Q: Compute the production cost per unit under absorption costing

A: Explanation of Absorption Costing:The Absorption Costing method is a cost accounting approach that…

Q: Total investoriable costs for the year

A: Step 1: Absorption costing Under absorption costing, the inventoriable costs are the…

Q: What is the total budgeted overhead??

A: Step 1: Definition of Total Budgeted Overhead CostThe total budgeted overhead cost refers to the sum…

Q: ???

A: Step 1: Recall the total job cost formula.= direct materials + direct labor + applied overhead Step…

Q: answer plz

A: Step 1: Definition of Net PayNet Pay is the amount an employee takes home after all deductions,…

Q: What is the correct answer general accounting question?

A: Step 1: Recall the Work in Process (WIP) cost formula.WIP, end = WIP, beg. + added to production -…

Q: Question 6

A: Calculation of the Cost per unitCost per unit = Total Actual Cost / Sales Volume…

Q: help this question answer accounting.

A: Step 1: Definition of Cost-Volume-Profit (CVP) AnalysisCost-Volume-Profit (CVP) analysis is a…

Q: choose best answer

A: Step 1: Definition of Degree of Operating Leverage (DOL)Degree of Operating Leverage (DOL) measures…

Q: No wrong solution

A: Step 1: Materials price variance Materials price variance = Actual material cost - (Standard price x…

Q: Zanzibar Limited entered into a lease agreement on July 1 2016 to lease some highly customized…

Q: subject: general accounting

A: Step 1: Define Standard Direct Labor Rate, Standard Direct Labor Hours, and Standard Labor…

Q: Problems

A: 1.1.13 Step 1: Definition of Joint Product Cost AllocationJoint product cost allocation is the…

Q: What is the rate of return for the investor on these financial accounting question?

A: Step 1: Definition of Rate of Return on InvestmentThe rate of return measures the gain or loss on an…

Q: Calculate monthly fixed cost for maintenance

A: Explanation of High-Low Method: The high-low method is a cost estimation technique used in…

Q: kindly help me with isolysin

A: Step 1: Analysis of information givenNet sales = $5 millionMarkup is based on costs of goods sold =…

Q: answer

A: Step 1: Definition of Pension ExpensePension expense represents the cost a company incurs in a given…

Q: help

A: Step 1: Req: 1 Inventory, purchases, and cost of merchandise sold data in a perpetual inventory,…

Q: Z is a standard item stocked in a company WCU's inventory. Each year the firm, on a random basis,…

A: The Economic Order Quantity (EOQ) formula is:EOQ=H2DS Where: D = 500 (Annual demand) S = 3…

Q: can you please solve this

A: Step 1: Meaning of Accounting EquationThe accounting equation is based on the double-entry system of…

Q: Need answer

A: Explanation of Absorption Costing: Absorption costing is a product costing method that assigns all…

Q: Financial accounting question

A: Step 1: The non-interest-bearing note is issued at a discount so the proceeds amount from the issue…

Q: Please give me true answer this financial accounting question not use ai

A: Step 1: Definition of Required Return on Preferred StockThe required return on preferred stock is…

Q: Question: Carter Corporation has fixed costs of $1,800,000, and variable costs are 45% of sales.…

A: Explanation of Fixed Costs:The Fixed Costs are business expenses that remain constant regardless of…

Q: Zanzibar Limited entered into a lease agreement on July 1 2016 to lease some highly customized…

A: Step 1: Overview of the Question :-The question involves analyzing the lease agreement between…

Q: What is the dividend payout ratio of this financial accounting question?

A: Step 1: Definition of Residual Dividend PolicyA residual dividend policy is a method where a company…

Q: What is the annual growth rate of this company for this financial accounting question?

A: Step 1: Definition of Growth Rate (g)The growth rate (g) of a company is the rate at which its…

Q: provide answer

A: The DuPont formula for Return on Equity (ROE) is: ROE=Net Profit Margin×Total Asset…

Q: Timberline worked on four jobs during its first year of operation: Nos. 501, 502, 503, and 504. Nos.…

A: Explanation of Overhead Allocation:The Overhead Allocation is the process of distributing indirect…

Q: What is the operating income of this financial accounting question? Please provide answer

A: Step 1: Define Operating Income (EBIT)Operating income, also known as Earnings Before Interest and…

Q: Total number of equipment whole units produced

A: Explanation of Equivalent Whole Units:Equivalent whole units represent the total amount of…

Q: What is the projected unit sales?

A: Approach to solving the question:Freeform Detailed explanation: Step 1: Understanding the Given…

Question

What was kingston's net income for the year

Kingston Enterprises issued stock to James Kingston in
exchange for his investment of $65,000 cash in the
business. The company recorded revenues of $600,000
and expenses of $470,000, and the company paid
dividends of $35,000.
What was Kingston'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

What was kennedys net income for the year?
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?
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 Kennedy's 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.
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.
James Corporation earned net income of $94,000 this year. The company began the year with 500 shares of common stock and issued 400 more on April 1. They issued $5,300 in preferred dividends for the year. What is the EPS for the year for James? Round your answer to the nearest dollar amount.
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 income statement for Dodson Corporation reported net income of $22,400 for the year ended December 31 before considering the following: During the year the company purchased available-for-sale securities. At year end, the fair value of the investment portfolio was $2,100 more than cost. The balance of Retained Earnings was $83,000 on January 1. . Dodson Corporation paid $9,000 in cash dividends during the year. Calculate the balance of Retained Earnings on December 31. 51,600