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Compute the net income reported by Valentine Corporation

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Reference no: EM132677449

Question - The following information was taken from the records of Valentine Corporation for the year ended December 31, 2016.

Advertising expense $40,000

Income tax expense 26,000

Accounts payable 26,900

Dividends paid 30,000

Retained earnings (Jan 1, 2016) 115,720

Consulting fees revenue 200,000

Rent expense 23,400

Supplies expense 33,800

Compute the net income reported by Valentine Corporation for the year ended December 31, 2016?

A) $102,800

B) $72,800

C) $76,800

D) $49,900

Reference no: EM132677449

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