Can you help me solve this general accounting question using the correct accounting procedures? Sarah Chen is the sole shareholder of Chen Technologies. As of December 31, 2023, ChenTechnologies reported assets of $625,000 and liabilities of $248,000. During 2024, Sarahinvested an additional $55,000 in the company by purchasing new shares and receiveddividends of $38,000.What was the net income of Chen Technologies for 2024 if the company reported assets of$720,000 and liabilities of $230,000 as of December 31, 2024?a. $96,000 b. $113,000 c. $58,000 d. $168,000

Step 1: Definition of Net IncomeNet income is the total profit of a company after all expenses,…

Answered: Sarah Chen is the sole shareholder of…

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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James Wilson is the sole shareholder of Wilson Enterprises. As of December 31, 2022, Wilson Enterprises reported assets of $785,300 and liabilities of $324,150. During 2023, James invested an additional $45,000 in the company by purchasing new shares and received dividends of $32,500. What was the net income of Wilson Enterprises for 2023 if the company reported assets of $897,600 and liabilities of $295,800 as of December 31, 2023? a. $103,150 b. $72,350 c. $140,650 d. $35,000
In 2020, Merced, Inc. (a C-corporation) had net operating income of $20,000. During 2021, Merced also had long-term capital gains of $50,000 and long-term capital losses of $65,000. In addition, Merced, Inc. received a $70,000 dividend from Dolphin, Inc. in 2020. Merced owns 25% of the shares of Dolphin. Note: the operating income only includes revenue and expenses directly related to operations (it does not include any capital transactions or dividends). Determine Merced’s tax liability of 2020.
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I am looking for the correct answer to this financial accounting question with appropriate explanations.
Hello! I need help with the following accounting problem: Bramble Inc. obtained significant influence over Kasey Corporation by buying 25% of Kasey's 32,700 outstanding shares of common stock at a total cost of $10 per share on January 1, 2022. On June 15, Kasey declared and paid a cash dividend of $31,600. On December 31, Kasey reported a net income of $116,000 for the year. Prepare all the neccesary journal entries for 2022 for Bramble inc. Thank you!
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