Question

Finney Company began the year with retained earnings of $100,000. During 2022, the company issued $80,000 of common stock for cash. The company recorded revenues of $740,000, expenses of $640,000, and paid dividends of $40,000. What was Finney’s net income for the year 2022?

Answer 1

What was Finney’s net income for the year 2022?

Net Income 100000

Step-by-step explanation:

Reveneus 740000

Expenses 640000

Net Income 100000

Net income, also called net profit, is a calculation that measures the amount of total revenues that exceed total expenses. It other words, it shows how much revenues are left over after all expenses have been paid.