During the Year, Bascom Bakery Inc

question 22

Multiple Choice

During the year, Bascom Bakery Inc.paid out $21,750 of common dividends.It ended the year with $187,500 of retained earnings versus the prior year's retained earnings of $132,250.How much net income did the firm earn during the year?

• A)$77,000
• B)$80,850
• C)$84,893
• D)$89,137
• E)$93,594

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Definitions:

Journalize

The process of recording financial transactions in a company's journal, detailing the accounts that are affected and by how much.

Office Expense

Costs related to activities within an office, including supplies, utilities, and administrative salaries, which are necessary for maintaining the office environment.

Journalize

The process of recording transactions in the journal as part of the accounting cycle.

Fees Earned

The revenue a company generates from providing services during a given accounting period.