decreases an asset 51.000: decreases a liability 51.000. QUESTION 45 Kennedy Company issued stock to Ed Kennedy in exchange for his investment of $75.000 cash in the business. The company recorded revenues of 5555.000, expenses of $420,000, and had paid dividends of $30,000. What was Kennedy's net income for the year? $105.000 $135.000. $165.000 $180.000 QUESTION 46 A net loss will result during a time period when Habilities exceed assets. dividends exceed investments expenses exceed revenues. revenues exceed expenses. QUESTION 47 Click Save and Submit to save and submit. Click Save All Answers to save all answers. DOLL proprietorship. QUESTION 43 GAAP stands for Generally Accepted Auditing Procedures. Generally Accepted Accounting Principles. Generally Accepted Auditing Principles. Generally Accepted Accounting Procedures. QUESTION 44 Collection of a $1,000 Accounts Receivable increases an asset $1,000: decreases an asset $1,000. increases an asset $1,000: decreases a liability $1,000. decreases a liability $1.000: increases stockholders' equity 51.000. decreases an asset $1,000: decreases a liability 51.000. QUESTION 45