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A company began operations at the start of 2015. During the year, it made cash sales...

A company began operations at the start of 2015. During the year, it made cash sales of $150,000 and credit sales totaling $500,000. $420,000 in cash from these credit sales was collected during the year. The company purchased land for $60,000 for a new location. Expenses totaled $339,000, of which $300,000 was paid in cash. Dividends of $10,000 were paid to stockholders.   What was net income for 2015?

A.

$311,000
B.

$270,000
C.

$301,000
D.

$350,000
E.

None of the above.

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Expert Solution

ekkarill92 answered 1 year ago
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