Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN: 9781337115773
Author: Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher: Cengage Learning
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Given the abov information, net income for the year is ???
Transcribed Image Text:The following information was taken from the records of H. Potter
Corporation for the month ended December 31, 2016.
Advertising expense
$39,200
Income tax expense
$28,000
Accounts payable
$24,800
Dividends paid
$28,250
Retained earnings (Jan. 1, 2016) $114,820
Consulting fees revenue
$200,000
$22,500
$34,700
Rent expense
Supplies expense
Given the above information, net income for the year is
a. $75,600
b. $88,560
c. $70,620
d. $34,120
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