Beginning Assets were $437,600,Beginning Liabilities were $262,560,Common Stock sold during the year totaled $45,000,Revenue for the year was $414,250,Expenses for the year were $280,000,Dividends declared was $22,700,and Ending Liabilities is $$350,000.
What is Net Income for the year?
A)$700,160
B)$331,590
C)$134,250
D)$612,560
E)$175,040

Question

Quizplus · Accepted Answer

414,250 - 280,000 = 134,250

Beginning Assets Were $437,600,Beginning Liabilities Were $262,560,Common Stock Sold During $$350,000 What Is Net Income for the Year? A)$700,160 B)$331,590

Beginning Assets Were $437,600,Beginning Liabilities Were $262,560,Common Stock Sold During $$350,000
What Is Net Income for the Year?
A)$700,160
B)$331,590