A company reported the following asset and liability balances at the end of 2015 and 2016: During 2016, cash dividends of $50,000 were declared and paid, and common stock was issued for $100,000. What was the amount of net income for 2016?
A)$400,000.
B)$480,000.
C)$350,000.
D)$300,000.

Question

A company reported the following asset and liability balances at the end of 2015 and 2016:  During 2016, cash dividends of $50,000 were declared and paid, and common stock was issued for $100,000. What was the amount of net income for 2016?
A)$400,000. 
B)$480,000. 
C)$350,000. 
D)$300,000.

Quizplus · Accepted Answer

The Answer of A company reported the following asset and liability balances at the end of 2015 and 2016:  During 2016, cash dividends of $50,000 were declared and paid, and common stock was issued for $100,000. What was the amount of net income for 2016?
A)$400,000. 
B)$480,000. 
C)$350,000. 
D)$300,000.

A Company Reported the Following Asset and Liability Balances at the End