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QUESTION: A-23 Kennedy Company issued stock to Ed Kennedy in exchange for his investment of $55,000 cash in the business. The company recorded revenues of $525,000 and expenses of $415,000, and the company paid dividends of $30,000. What was Kennedy's net income for the year?

QUESTION: A-23 Kennedy Company issued stock to Ed Kennedy in exchange for his investment of $55,000 cash in the business. The company recorded revenues of $525,000 and expenses of $415,000, and the company paid dividends of $30,000. What was Kennedy's net income for the year?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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QUESTION: A-23 Kennedy Company issued stock to Ed Kennedy in exchange for his investment of $55,000 cash in the business. The company recorded revenues of $525,000 and expenses of $415,000, and the company paid dividends of $30,000. What was Kennedy's net income for the year?
Transcribed Image Text:QUESTION: A-23 Kennedy Company issued stock to Ed Kennedy in exchange for his investment of $55,000 cash in the business. The company recorded revenues of $525,000 and expenses of $415,000, and the company paid dividends of $30,000. What was Kennedy's net income for the year?
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