Finney Company Began the Year by Issuing $80,000 of Common

question 76

Multiple Choice

Finney Company began the year by issuing $80,000 of common stock for cash. The company recorded revenues of $740,000, expenses of $640,000, and paid dividends of $40,000. What was Finney's net income for the year?

• A)$60,000
• B)$140,000
• C)$100,000
• D)$180,000

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Definitions:

Contestable

A market characteristic where there are no barriers to entry or exit, allowing potential competition to challenge existing firms, keeping prices competitive.

Market

A market is any structure that allows buyers and sellers to exchange any type of goods, services, and information.

Highly Concentrated

A market or industry situation where a small number of firms hold a large market share, potentially leading to less competition.

Smart Phone Industry

The sector of the economy that is involved in the development, production, and sale of smartphones.