Following are the summaries of balance sheet of LCF Company: $$\begin{array} { l c c }
& \text { Total Assets } & \text { Total Liabilities } \
\text { Beginning of the year } & \$ 250,000 & \$ 180,000 \
\text { End of the year } & \$ 500,000 & \$ 370,000
\end{array}$$ Determine the net income (or loss) for the year, assuming $80,000 of common stock was issued and no dividends were paid during the year?
A) $140,000
B) ($20,000)
C) $160,000
D) ($60,000)

Question

Following are the summaries of balance sheet of LCF Company: $$\begin{array} { l c c } 
& \text { Total Assets } & \text { Total Liabilities } \
\text { Beginning of the year } & \$ 250,000 & \$ 180,000 \
\text { End of the year } & \$ 500,000 & \$ 370,000
\end{array}$$ Determine the net income (or loss) for the year, assuming $80,000 of common stock was issued and no dividends were paid during the year?
A) $140,000
B) ($20,000)
C) $160,000
D) ($60,000)

Quizplus · Accepted Answer

The Answer of Following are the summaries of balance sheet of LCF Company: $$\begin{array} { l c c } 
& \text { Total Assets } & \text { Total Liabilities } \
\text { Beginning of the year } & \$ 250,000 & \$ 180,000 \
\text { End of the year } & \$ 500,000 & \$ 370,000
\end{array}$$ Determine the net income (or loss) for the year, assuming $80,000 of common stock was issued and no dividends were paid during the year?
A) $140,000
B) ($20,000)
C) $160,000
D) ($60,000)

Following Are the Summaries of Balance Sheet of LCF Company