Stanton Corp began operations on January 1, 2016 The statement of cash flows for the first year reported dividends paid of $160,000 The balance sheet at the end of the first year reported $40,000 in dividends payable and $580,000 in ending retained earnings Determine Stanton 's net income for its f...

Since the company paid dividends during its first year of 160 ...

Stanton Corp. began operations on January 1, 2016. The statement of cash flows for the first year

Question:

Stanton Corp. began operations on January 1, 2016. The statement of cash flows for the first year reported dividends paid of $160,000. The at the end of the first year reported $40,000 in dividends payable and $580,000 in ending retained earnings. Determine Stanton's net income for its first year of operations.
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...