Native Mike's Consultants had the following balance sheet amounts at the beginning of the year: During the year, total assets increased by $100,000 and total liabilities increased by $40,000. The company also paid $30,000 in dividends. No other transactions occurred except revenues and expenses. How much is net income for the year?
A) $30,000
B) $60,000
C) $70,000
D) $90,000

Question

Native Mike's Consultants had the following balance sheet amounts at the beginning of the year:  During the year, total assets increased by $100,000 and total liabilities increased by $40,000. The company also paid $30,000 in dividends. No other transactions occurred except revenues and expenses. How much is net income for the year?
A) $30,000 
B) $60,000 
C) $70,000 
D) $90,000

Quizplus · Accepted Answer

The Answer of Native Mike's Consultants had the following balance sheet amounts at the beginning of the year:  During the year, total assets increased by $100,000 and total liabilities increased by $40,000. The company also paid $30,000 in dividends. No other transactions occurred except revenues and expenses. How much is net income for the year?
A) $30,000 
B) $60,000 
C) $70,000 
D) $90,000

Native Mike's Consultants Had the Following Balance Sheet Amounts at the Beginning