Allen Marks is the sole stockholder of Great Marks Company. As of the end of its accounting period, December 31, 2011, Great Marks Company has assets of $940,000 and liabilities of $300,000. During 2012, Allen Marks purchased an additional $65,000 of capital stock and received $45,000 in cash dividends from the business. What is the amount of net income during 2012, assuming that as of December 31, 2012, assets were $995,000, and liabilities were $270,000?
A) $ 65,000
B) $ 50,000
C) $105,000
D) $370,000

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The Answer of Allen Marks is the sole stockholder of Great Marks Company. As of the end of its accounting period, December 31, 2011, Great Marks Company has assets of $940,000 and liabilities of $300,000. During 2012, Allen Marks purchased an additional $65,000 of capital stock and received $45,000 in cash dividends from the business. What is the amount of net income during 2012, assuming that as of December 31, 2012, assets were $995,000, and liabilities were $270,000?
A) $ 65,000
B) $ 50,000
C) $105,000
D) $370,000

Allen Marks Is the Sole Stockholder of Great Marks Company