Ultra-lite Corp. began operations on January 1, 2015. The statement of cash flows for the first year reported dividends paid of $180,000. The balance sheet at the end of the first year reported $60,000 in dividends payable and
$600,000 in ending retained earnings. Determine Ultralite's net income for its first year of operations.

Question

Ultra-lite Corp. began operations on January 1, 2015. The statement of cash flows for the first year reported dividends paid of $180,000. The balance sheet at the end of the first year reported $60,000 in dividends payable and
$600,000 in ending retained earnings. Determine Ultra­lite's net income for its first year of operations.

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The Answer of Ultra-lite Corp. began operations on January 1, 2015. The statement of cash flows for the first year reported dividends paid of $180,000. The balance sheet at the end of the first year reported $60,000 in dividends payable and
$600,000 in ending retained earnings. Determine Ultra­lite's net income for its first year of operations.

Ultra-Lite Corp