A company reported the following asset and liability balances at the end of 2013 and 2014: $$\begin{array} { l r r }
& \underline { 2013 } & \underline { 2014 } \
\text { Total Assets } & \$ 6,800,000 & \$ 7,600,000 \
\text { Total Liabilities } & 3,200,000 & 3,600,000
\end{array}$$ During 2014, cash dividends of $50,000 were declared and paid, and common stock was issued for $100,000. How much was the 2014 net income?
A) $400,000.
B) $480,000.
C)$350,000.
D)$300,000.

Question

A company reported the following asset and liability balances at the end of 2013 and 2014: $$\begin{array} { l r r } 
& \underline { 2013 } & \underline { 2014 } \
\text { Total Assets } & \$ 6,800,000 & \$ 7,600,000 \
\text { Total Liabilities } & 3,200,000 & 3,600,000
\end{array}$$ During 2014, cash dividends of $50,000 were declared and paid, and common stock was issued for $100,000. How much was the 2014 net income?
A) $400,000.
B) $480,000.
C)$350,000.
D)$300,000.

Quizplus · Accepted Answer

The Answer of A company reported the following asset and liability balances at the end of 2013 and 2014: $$\begin{array} { l r r } 
& \underline { 2013 } & \underline { 2014 } \
\text { Total Assets } & \$ 6,800,000 & \$ 7,600,000 \
\text { Total Liabilities } & 3,200,000 & 3,600,000
\end{array}$$ During 2014, cash dividends of $50,000 were declared and paid, and common stock was issued for $100,000. How much was the 2014 net income?
A) $400,000.
B) $480,000.
C)$350,000.
D)$300,000.

A Company Reported the Following Asset and Liability Balances at the End