Accounting in Action 1-37 Ans: b LO8 BT: AN Difficulty: Medium TOT: 1.5 min. AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Reporting 183 During October, Mica Inc. sold ordinary shares for 600,000, earned revenue of 66,000, incurred expenses of 36,000, and paid dividends of 3,000. Net income for the month is a. 27,000 b. 30,000 c. 627,000 d. 630,000. Ans: b LOS BT: AN Difficulty: Medium TOT: 1.5 min. AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Reporting 184 During January, Bruni Corporation earned revenue of 90,000, incurred expenses of 44.000, and paid dividends of 6,000. The income statement will report net income for the month of a 40.000 b. 46.000 c. 52.000 37 / 90 @ + d. 690.000 Page