Silver Peak Industries had revenue on account amounting to $7,200. Cash collections of accounts receivable totalled $3,500. Expenses for the period were $3,100, and the company paid dividends of $600. What was the net income for the period? A. $4,100 B. $3,500 C. $4,700 D. $3,000
Silver Peak Industries had revenue on account amounting to $7,200. Cash collections of accounts receivable totalled $3,500. Expenses for the period were $3,100, and the company paid dividends of $600. What was the net income for the period? A. $4,100 B. $3,500 C. $4,700 D. $3,000
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 14BEA: Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000....
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Please explain the solution to this general accounting problem using the correct accounting principles.
Transcribed Image Text:Silver Peak Industries had revenue on account amounting to $7,200. Cash
collections of accounts receivable totalled $3,500. Expenses for the period
were $3,100, and the company paid dividends of $600.
What was the net income for the period?
A. $4,100
B. $3,500
C. $4,700
D. $3,000
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