The following information is taken from the records of StarTech Co. for the month ended December 31, 2023: Consulting fees revenue: $250,000 • • Rent expense: $30,000 • Salaries expense: $55,000 • Utilities expense: $12,500 • Income tax expense: $36,000 • Dividends paid: $15,000 • Retained earnings (Jan. 1, 2023): $120,000 What is the net income for the year? a. $116,500 b. $123,000 c. $127,500 d. $133,000

The following information is taken from the records of StarTech Co. for the month ended December 31, 2023: Consulting fees revenue: $250,000 • • Rent expense: $30,000 • Salaries expense: $55,000 • Utilities expense: $12,500 • Income tax expense: $36,000 • Dividends paid: $15,000 • Retained earnings (Jan. 1, 2023): $120,000 What is the net income for the year? a. $116,500 b. $123,000 c. $127,500 d. $133,000

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 50E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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