During the year, The Mane Event, Inc. had sales of 300,000 and ...

[jparksx]

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]

Answer to Question 1

B

Answer to Question 2

c