Topez Company was started on January 1, Year 1, the company experienced the following four accounting events:

Issued common stock for $10,000 cash

Earned cash revenues of $14,500

Paid cash expenses of $9,200

Paid $500 cash dividend to its stockholders

These were the only events that affected the company during Year 1. How much Net Income did Topez realize in Year 1?

How did Total Stockholders' Equity change during the period?

What are Topez' total resources and claims to those resources at the end of Year 1?

Answer rating: 100% (QA)

To calculate the net income we need to subtract the total expenses from the total revenue Tot... View the full answer