The following information was taken from the records of Rectangle Corporation for the year ended December 31, 2022 Advertising expense $120,000 Income tax expense 78,000 Accounts payable 80, 700 Dividends paid 90, 000 Retained earnings (1/1/22) 347, 160 Consulting revenue 600,000 Rent expense 70, 200 Supplies expense 101, 400 The Net Income reported for Rectangle for the year is:

The following information was taken from the records of Rectangle Corporation for the year ended December 31, 2022 Advertising expense $120,000 Income tax expense 78,000 Accounts payable 80, 700 Dividends paid 90, 000 Retained earnings (1/1/22) 347, 160 Consulting revenue 600,000 Rent expense 70, 200 Supplies expense 101, 400 The Net Income reported for Rectangle for the year is:

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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