Scream Clean Company provided the following very limited set of data. Use this information to determine net income for the years ending December 31, 20X6, 20X7, 20X8, and 20X9. The company was formed at the beginning of January, 20X6 by issuing $350,000 of capital stock. No additional shares were issued during the 4-year period. The company's 20X9 dividends were equal to 50% of the 20X9 net income. Revenues, 20X7 315,000 Dividends, 20X8 52,500 Total equity, December 31, 20X8 735,000 Total liabilities, December 31, 20X8 770,000 Retained earnings, December 31, 20X6 143,500 Expenses, 20X7154.00 0 Retained earnings, December 31, 20X7 280,000 Dividends, 20X8 35,000 Total assets, December 31, 20X9 1,750,000 Increase in liabilities, 20X9 175,000
Scream Clean Company provided the following very limited set of data. Use this information to determine net income for the years ending December 31, 20X6, 20X7, 20X8, and 20X9. The company was formed at the beginning of January, 20X6 by issuing $350,000 of capital stock. No additional shares were issued during the 4-year period. The company's 20X9 dividends were equal to 50% of the 20X9 net income.
Revenues, 20X7 315,000
Dividends, 20X8 52,500
Total equity, December 31, 20X8 735,000
Total liabilities, December 31, 20X8 770,000
Retained earnings, December 31, 20X6 143,500
Expenses, 20X7154.00 0
Retained earnings, December 31, 20X7 280,000
Dividends, 20X8 35,000
Total assets, December 31, 20X9 1,750,000
Increase in liabilities, 20X9 175,000
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