CPA Financial Accounting and Reporting (FAR) Question of the Day
Daily challenge for CPA Financial Accounting and Reporting (FAR). Test yourself and track progress.
Fairway Company began Year 3 with owner's equity of $60,000 and ended Year 3 with owner's equity of $94,000. During the Year, Fairway issued 1,000 shares of new stock at a par value of $10 per share when the market value was $15 per share. Fairway also paid out a cash dividend of $2 per share to 20,000 shareholders during the year. What was net income for the year?
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