Skysong, Inc. began the year with retained earnings of $105000. During 2022, the company issued $79500 of common stock for cash. The company recorded revenues of $748000, expenses of $637000, and paid dividends of $36000. What was Skysong's net income for the year 2022?

$111,000

Explanation:

Net income is the difference between a company's revenue/sales and expenses for the period. The dividend paid is not considered in the determination of net income however, this affects the retained earnings of the entity.

Hence, mathematically

Net income

= Revenue - Expenses

= $748,000 - $637,000

= $111,000

lbc corporation makes and sells a product called product wz. each unit of product wz requires 4.1 hours of direct labor at the rate of $20.00 per direct labor-hour. management would like you to prepare a direct labor budget for june. the company plans to sell 28,000 units of product wz in june. the finished goods inventories o

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