The company's net income for the year was:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Kk 53.
Transcribed Image Text:Scavenger Hunt Company had a beginning balance in its
retained earnings account of $385,600. During the year,
the company declared and paid a $4,700 dividend, and
at the end of the year, it reported retained earnings of
$399,860. The company's net income for the year was:
a) $14,260.
b) $18,960.
c) $9,560.
d) $23,660.
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