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kirza4 [7]
2 years ago
6

A company started the year with the following: Assets $104,000; Liabilities $34,000; Common Stock $64,000; Retained Earnings $6,

000. During the year, the company earned revenue of $5,400, all of which was received in cash, and incurred expenses of $3,200, all of which were unpaid as of the end of the year. In addition, the company paid dividends of $1,400 to owners. Assume no other activities occurred during the year. What was the amount of net income for the year?
a. $3,200.
b. $2,200.
c. $1,400.
d. $5,400.
Business
1 answer:
Leona [35]2 years ago
8 0

Answer:

b. $2,200.

Explanation:

Net income = Revenue - Expenses

Net income = $5,400 - $3,200

Net income = $2,200

Therefore, the amount of net income for the year is $2,200

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A corporation issues for cash $1,000,000 of 10%, 20-year bonds, interest payable annually, at a time when the market rate of int
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3 years ago
One of the difficulties associated with value-based pricing is that
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7 0
3 years ago
If a life insurance company sells a $240,000 life insurance policy with a one year term to a 25-year old lady for $210, the prob
MrMuchimi

Answer: $112.08

Explanation:

Given that,

Life insurance policy = $240,000

Cost = $210

Amount to be paid by company to old lady if she survives (A):

= $240,000 - $210

= $239,790

Probability that she survives (P1) = 0.999592

Probability that she doesn't survives (P2) = 1 - 0.999592

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= $209.91432 - $97.83432

= $112.08

7 0
3 years ago
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