Calculating net income for the firm


Q1) Suppose that retained earnings increased by $240,000 from December 31, 2005, to December 31, 2006, for Miller Corporation. In the year, a cash dividend of $140,000 was paid.

Calculate net income for the year.

Suppose that revenues for the year were $920,000. Calculate expenses incurred for year.

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Accounting Basics: Calculating net income for the firm
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