Question
Takenson Corp. is a merchandising company that uses the periodic inventory system. Selected account balances are listed below: Sales $500,000 Purchases 225,000 Inventory (beginning) 16,000
Takenson Corp. is a merchandising company that uses the periodic inventory system. Selected account balances are listed below:
| Sales | $500,000 |
| Purchases | 225,000 |
| Inventory (beginning) | 16,000 |
| Inventory (ending) | 30,000 |
| Operating expenses | 148,000 |
| Income tax expense | 10,000 |
| Retained earnings (beginning) | 53,000 |
| Dividends | 15,000 |
Refer to the information for Takenson Corp. Calculate net income.
a.$289,000
b.$131,000
c.$141,000
d.$116,000
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Fundamentals Of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby
1st Edition
0072992573, 9780072992571
