Finney Company began the year by issuing $20,000 of common stock - 14321

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yousafbhutta

yousafbhutta

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Finney Company began the year by issuing $20,000 of common stock for cash. The company recorded revenues of $185,000, expenses of $160,000, and paid dividends of $10,000. What was Finney’s net income for the year?

 

$15,000

 

 

$35,000

 

 

$45,000

 

 

$25,000

Solution Description

 

Finney Company began the year by issuing $20,000 of common stock for cash. The company recorded revenues of $185,000, expenses of $160,000, and paid dividends of $10,000. What was Finney’s net income for the year?