Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Lankston Company began the year by issuing $120,000 of common stock for cash. The company recorded revenues of $1,100,000, expenses of $960,000, and paid dividends

Lankston Company began the year by issuing $120,000 of common stock for cash. The company recorded revenues of $1,100,000, expenses of $960,000, and paid dividends of $60,000. What was Lankstons net income for the year?
a.
$140,000
b.
$80,000
c.
$260,000
d.
$200,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Understanding And Practice

Authors: Robert Perks

3rd Edition

0077124782, 9780077124786

More Books

Students also viewed these Accounting questions

Question

=+ What does the usage of these products abroad look like?

Answered: 1 week ago