Kelly Company experienced the following events during its first accounting period. (1) Issued common stock for $10,000 cash. (2) Earned $8,000 of cash revenue. (3) Paid $1,000 cash to purchase land. (4) Paid cash dividends amounting to $500. (5) Paid $4,400 of cash expenses. Based on this information, what is the amount of net income? A. $2,100
B. $2,600
C. $3,600
D. $5,600

Emily sold the following investments during the year: stock date purchased date sold sales price cost basis a. 1,000 shares dot com co. 03-21-2007 02-04-2018 $20,000 $5,000 b. 500 shares big box store 05-19-2017 01-22-2018 $8,200 $7,500 c. 300 shares lotta fun, inc. 10-02-2017 09-21-2018 $3,000 $4,500 d. 700 shares local gas co. 06-17-2017 11-11-2018 $14,000 $17,000 for each stock, calculate the amount and the nature of the gain or loss.

Emil motycka is considered an entrepreneur because

Acorporation a. can use different depreciation methods for tax and financial reporting purposes b. must use the straight - line depreciation method for tax purposes and double declining depreciation method financial reporting purposes c. must use different depreciation method for tax purposes, but strictly mandated depreciation methods for financial reporting purposes d. can use straight- line depreciation method for tax purposes and macrs depreciation method financial reporting purposes