Tara Westmont, the stockholder of Tiptoe Shoes, Inc., had annual revenues of $187,000, expenses of...
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Accounting
Tara Westmont, the stockholder of Tiptoe Shoes, Inc., had annual revenues of $187,000, expenses of $104,700, The company paid $18,800 cash in dividends to the owner (sole shareholder). The retained earnings account before closing had a balance of $299,000. The Net Income for the year is:
$187,000
$63,500
$82,300
$362,500
$381,300
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