The changes in account balances for Allen Inc.for 2016 are as follows:

Assuming the only changes in retained earnings in 2016 were for net income and a $25,000 dividend,what was net income for 2016?
A)$30,000.
B)$20,000.
C)$15,000.
D)$ 5,000.

Question

The changes in account balances for Allen Inc.for 2016 are as follows:

Assuming the only changes in retained earnings in 2016 were for net income and a $25,000 dividend,what was net income for 2016?
A)$30,000. 
B)$20,000. 
C)$15,000. 
D)$ 5,000.

Quizplus · Accepted Answer

The Answer of The changes in account balances for Allen Inc.for 2016 are as follows:

Assuming the only changes in retained earnings in 2016 were for net income and a $25,000 dividend,what was net income for 2016?
A)$30,000. 
B)$20,000. 
C)$15,000. 
D)$ 5,000.

The Changes in Account Balances for Allen Inc