1) Tamarisk, Inc. began the year by issuing $78,500 of common shares for cash. The company had revenues of $783,000, expenses of $648,000, and paid dividends of $39,000. What was Tamarisk's net income for the year?

2) Waterway Industries started the year with retained earnings of $383,000. During the year, the company had revenues of $516,000, expenses of $376,000, and paid dividends of $36,000. What were Waterway's retained earnings at the end of the year?

3) Wildhorse Co. began the year with retained earnings of $933,000. During the year, the company issued $1,340,000 of common stock, recorded expenses of $3,616,000, and paid dividends of $244,000. If Wildhorse's final retained earnings were $993,000, what was the company's revenue for the year?

4) Novak Corp. started the year with total assets of $215,000 and total liabilities of $125,000. During the year the business recorded $330,000 in revenue, $160,000 in expenses, and dividends of $71,000. What is Novak Corp.'s reported net income for the year?

Answer rating: 100% (QA)

To find the net income for Tamarisk we need to subtract the expenses and dividends from the revenues ... View the full answer