Kennedy's Share of Hastie's Net Income for 2018 Would Be

question 40

Multiple Choice

Kennedy's share of Hastie's net income for 2018 would be

• A) $18,000.
• B) $15,000.
• C) $18,200.
• D) $16,000.
• E) $18,500.

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Definitions:

Voucher System

An accounting system that involves preparing and using vouchers—documents that authorize and detail the payment of a liability to a supplier.

Cash Receipts

The total amount of cash and cash equivalents received by a company during a given period, including sales, refunds, and other cash inflows.

Liabilities

Financial obligations or debts that a company owes to others, which are expected to be settled through the transfer of assets, provision of services, or other economic benefits.

Income Statement Account

A financial account that shows the company's revenues, expenses, and net income over a specific period.