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Zepler [3.9K]
3 years ago
11

McKinney Corporation had beginning retained earnings of $2,242,000 and ending retained earnings of $2,499,000. During the year t

hey issued common stock totaling $141,000. No dividends were paid. What was their net income for the year?A)$257,000B)$116,000C)$398,000D)$323,000
Business
1 answer:
miv72 [106K]3 years ago
6 0

Answer:

Net income for the year = $257,000

Explanation:

Retained earnings for the year= Net income - dividends paid.

Since no dividends were paid, retained earnings for the year = net income for the year. At the end of each accounting period, retained earnings are reported on the balance sheet, and the retained profits for the year are added to the beginning balance of retained earnings, to give a cumulative ending balance of  $2,499,000.

therefore retained earnings for the year = ending retained earnings balance  - beginning retained earnings balance = $2,499,000.-$2,242,000= $257,000.

Net income for the year is  thus =  $257,000 since no dividends were paid.

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Net Cash flow from Operating Activities (Indirect Method) = $343

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Cash Flow Statement - Operating Activities  (Direct Method)  

                                                                              Amount in $

Cash receipts from Customer (219+770-321)            668

Less: Cash paid to suppliers (120+285-207-98)       -100

Cash paid Employees (96+117-108)                       -105

Cash Paid to Insurance (69+37-85)                            -21

Cash Generated from operation                               442

Less: Interest paid (47-19)                                        -28

Income tax paid (55+82-66)                                        -71

Net Cash flow from Operating Activities              343

Cash Flow Statement - Operating Activities  (Indirect Method)  

                                                                              Amount in $

Net Income                                                                   82

Add: Depreciation Expenses                                      120

Loss on sale of Machinery                                         12

Decrease in Inventory (422-324)                               98

Increase in Account payable (207-120)                 87

Increase in salaries payable (108-96)                           12

Decrease in prepaid Insurance (69-85)                  16

Decrease in Bond Discount (184-203)                         19

Increase in Deferred Tax Liabilities (66-55)         11

Less: Gain on sale of Building                              -12

Increase Accounts receivable (321-219)             -102

Net Cash flow from Operating Activities             343

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