NextGen Services Inc. started the year with total assets of $150,000 and total liabilities of $80,000. The revenues and the expenses for the year amounted to $120,000 and $85,000, respectively. During the year, the company did not issue any common stock, but it distributed dividends of $40,000. Calculate NextGen's net income for the year.

NextGen Services Inc. started the year with total assets of $150,000 and total liabilities of $80,000. The revenues and the expenses for the year amounted to $120,000 and $85,000, respectively. During the year, the company did not issue any common stock, but it distributed dividends of $40,000. Calculate NextGen'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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