Answered

Kelly Company experienced the following events during its first accounting period. (1) Issued common stock for $10,000 cash. (2) Earned $8,000 of cash revenue. (3) Paid $1,000 cash to purchase land. (4) Paid cash dividends amounting to $500. (5) Paid $4,400 of cash expenses. Based on this information, what is the amount of net income

Answer :

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Based on the information given the amount of the net income is $3,600.

Net income

Using this formula

Net income=Revenues-Expenses

Where:

Revenues=$8,000

Expenses=$4,400

Let plug in the formula

Net income=$8,000-$4,400

Net income=$3,600

Inconclusion  the amount of the net income is $3,600.

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