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During the year, Williams Company performed services for which customers paid or promised to pay...

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Finance

During the year, Williams Company performed services for which customers paid or promised to pay $587,000. Of this amount, $552,000 had been collected by year end. Williams paid $340,000 in cash for employee wages and still owed the employees $15,000 at the end of the year for work that they had done. Williams paid interest expense of $3,000 and $195,000 for other service expenses. The income tax rate was 35%, and income taxes had not yet been paid at the end of the year. Williams declared and paid dividends of $20,000. There were no other events that affected cash. Williams had a cash balance of $40,000 at the beginning of the year. What would the company's net income be for the year, based on GAAP? answer choices $14,500 $10,900 $22,100 $17,300. Using the information in the previous question, what would the end-of-year cash balance be for Williams Company? $40,000 $43,000 $37,000 $34,000

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