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...

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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?

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