Sappington Company had net income of $585,000 in 2015 and it experienced a 20% increase in net income over 2014, what was its 2014 net income?
Answer to relevant QuestionsHarper Travel Agency purchased land for $85,000 cash on December 10, 2015. At December 31, 2015, the land’s value has increased to $93,000. What amount should be reported for land on Harper’s balance sheet at December ...Use the accounting equation to answer each of the following questions.(a) The liabilities of Olga Company are $90,000. Common stock account is $150,000; dividends are $40,000; revenues, $450,000; and expenses, $320,000. What ...Keystone Computer Timeshare Company entered into the following transactions during May 2015.1. Purchased computer terminals for $20,000 from Data Equipment on account.2. Paid $3,000 cash for May rent on storage space.3. ...Presented below is information related to Alexis and Ryans, Attorneys at Law.Retained earnings, January 1, 2015 ...... $ 23,000Legal service revenue—2015 ......... 340,000Total expenses—2015 ........... 211,000Assets, ...Guo Company has stockholders' equity of $400,000 and net income of $66,000. It has a payout ratio of 20% and a return on assets of 15%. How much did Guo pay in cash dividends, and what were its average assets?
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