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# Worksheet 2 what was the amount of net inc ome for the

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Unformatted text preview: the amount of net inc ome for the y ear? (Hint: Us e the retained earnings equation [Beginning Retained Earnings + Net Inc ome − Div idends = Ending Retained Earnings ] to s olv e for net inc ome.) (Om it the "\$" sign in your response.) Net inc ome \$ 24,350 Learning Objective: 01­01 Recognize the information conveyed in each of the four basic financial statements and the way that it is used by different decision makers (investors, creditors, and managers). Worksheet 2. What was the amount of net inc ome for the y ear? (Hint: Us e the retained earnings equation [Beginning Retained Earnings + Net Inc ome − Div idends = Ending Retained Earnings ] to s olv e for net inc ome.) (Om it the "\$" sign in your response.) Net inc ome \$ 24,230 ± 1% Explanation: Net inc ome for the y ear was \$24,230. This is the firs t y ear of operations and no div idends were dec lared or paid to s toc k holders ; therefore, the ending retained earnings of \$24,230 repres ents inc ome for one y ear. 6. awar d: 0.20 out of 0.20 points Calc ulate the mis s ing amounts for eac h of the independent c as es below. (Input all am ounts as positive value except losses which should be indicated by a m inus sign. Om it the "\$" sign in your response.) Independent Total Cas es Rev enues A \$ 91,700 B 88,980 C 69,260 D 58,680 E 84,840 Total Ex pen...
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