Multiple Choice
Finney Company began the year by issuing $40,000 of common stock for cash. The company recorded revenues of $370,000, expenses of $320,000, and paid dividends of $20,000. What was Finney's net income for the year?
A) $30,000
B) $70,000
C) $50,000
D) $90,000
Correct Answer:
Verified
Correct Answer:
Verified
Q51: Information in the notes to the financial
Q51: Ashley's Accessory Shop started the year with
Q54: On June 1, 2014, Shaw Company prepared
Q73: Claims of creditors and owners on the
Q107: An income statement shows<br>A)revenues, liabilities, and stockholders'
Q110: U.S. standards are referred to as<br>A)IFRS.<br>B)GAAP.<br>C)IASB.<br>D)FASB.
Q136: The best definition of assets is the<br>A)cash
Q138: The majority of U.S.business is transacted by
Q146: The company's policy toward dividends and growth
Q157: The cost of assets consumed or services