the adjusted trial balance of amana corporation at december 31 shows that sales revenue for the year was…

the adjusted trial balance of amana corporation at december 31 shows that sales revenue for the year was $513,000 and other revenue was $37,000. cost of goods sold for that same period was $256,000, while other expenses totaled $185,000. the corporation declared and paid dividends of $12,000 during the year. the balance of retained earnings before closing entries was $457,000.\n\nclose out the dividends account.\n\njournal entry\n\n2. what was net income for the year?\n\nselect the formula and enter the amounts to determine net income for the year.\n\nsales revenue - total expenses = net income\n\n513000 - 441000 = 72000

the adjusted trial balance of amana corporation at december 31 shows that sales revenue for the year was $513,000 and other revenue was $37,000. cost of goods sold for that same period was $256,000, while other expenses totaled $185,000. the corporation declared and paid dividends of $12,000 during the year. the balance of retained earnings before closing entries was $457,000.\n\nclose out the dividends account.\n\njournal entry\n\n2. what was net income for the year?\n\nselect the formula and enter the amounts to determine net income for the year.\n\nsales revenue - total expenses = net income\n\n513000 - 441000 = 72000

Answer

Explanation:

Step1: Calculate total expenses

Total expenses = Cost of goods sold + Other expenses Total expenses = $256,000 + $185,000 = $441,000

Step2: Calculate net income

Net income = Sales revenue + Other revenue - Total expenses Net income = $513,000 + $37,000 - $441,000 Net income = $550,000 - $441,000 = $109,000

Answer:

$109,000