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Pharoah Company began the year with retained earnings of $125000. During 2022, the company issued $77500 of common stock for cash. The company recorded revenues of $783000, expenses of $657000, and paid dividends of $35000. What was Pharaoh's net income for the year 2022?

Respuesta :

Answer:

$126,000

Explanation:

Given that,

Beginning retained earnings = $125,000

Issued common stock for cash = $77,500

Revenues = $783,000

Expenses = $657,000

Paid dividends = $35,000

Pharaoh's net income for the year 2022:

= Revenues - Expenses

= $783,000 - $657,000

= $126,000

Therefore, the Pharaoh's net income for the year 2022 is $126,000.

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