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SWFT Comprehensive Vol 2020

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 5BCRQ

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Hello tutor please given General accounting question answer do fast and properly explain all answer

Larkin Enterprises issued stock to its founder, Larkin
Smith, in exchange for his investment of $120,000 cash
in the business. The company recorded revenues of
$750,000 and expenses of $590,000. It also paid
dividends of $50,000. What was Larkin's net income for
the year?

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