You are managing your own consulting business. You planned to generate $15,000,000 in profits for the...
You are managing your own consulting business. You planned to generate $15,000,000 in profits for the fiscal year ended January 31, 20X1.
If you want to know the actual amount of profit for the fiscal year ended 01/31/20X1, which of the following is the best question to ask your accountant?
| a. |
What was the balance of retained earnings as of 01/31/20X1? |
|
| b. |
What were sales for the accounting period ending 01/31/20X1? |
|
| c. |
What was net income for the year ending 01/31/20X1? |
|
| d. |
What was the cash balance as of 01/31/20X1? |
|
| e. |
Was a dividend paid during the accounting period ending 01/31/20X1? |
Homework Answers
| c. |
What was net income for the year ending 01/31/20X1? |
Profit is called Net income.Net income is excess of revenue over all expenses.
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