Finney Company Began the Year with Retained Earnings of $100,000

question 54

Multiple Choice

Finney Company began the year with retained earnings of $100,000.During 2022, the company issued $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 2022?

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

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Definitions:

Blood test

A laboratory analysis performed on a blood sample to evaluate health and diagnose diseases.

Potassium

is a chemical element with symbol K, vital for cell function and a key electrolyte in the body.

Coronary artery disease

A condition characterized by the narrowing or blockage of the coronary arteries due to plaque buildup, leading to reduced blood flow to the heart.