The changes in account balances for Allen Inc. for 2018 are as follows: Assuming the only changes in retained earnings in 2018 were for net income and a $25,000 dividend, what was net income for 2018?
A) $30,000.
B) $20,000.
C) $15,000.
D) $5,000.

Question

The changes in account balances for Allen Inc. for 2018 are as follows:  Assuming the only changes in retained earnings in 2018 were for net income and a $25,000 dividend, what was net income for 2018?
A) $30,000. 
B) $20,000. 
C) $15,000. 
D) $5,000.

Quizplus · Accepted Answer

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The Changes in Account Balances for Allen Inc