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Author Question: During the year, The Mane Event, Inc. had sales of 300,000 and had expenses of 240,000. The owners ... (Read 31 times)

jparksx

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on: Jul 5, 2018
During the year, The Mane Event, Inc. had sales of 300,000 and had expenses of 240,000. The owners were paid 20,000 in dividends. Net income for the year equals ________.
 
  A) 90,000
  B) 60,000
  C) 50,000
  D) 40,000

Question 2

Which of the following accounts will not be found in the Cost of Merchandise Sold section of the income statement for a company using the periodic inventory method?
 a. Purchases
  b. Freight In
  c. Selling Expense
  d. Merchandise Inventory


Carliemb17

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Reply #1 on: Jul 5, 2018
Answer to Question 1

B

Answer to Question 2

c


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