Following is the summary of the balance sheet of AWR Company: $$\begin{array} { l c c }
& \text { Total Assets } & \text { Total Liabilities } \
\text { Beginning of the year } & \$ 250,000 & \$ 180,000 \
\text { End of the year } & \$ 500,000 & \$ 370,000
\end{array}$$ Determine the net income (or loss) for the year, assuming no common stock was issued and no dividends were paid during the year?
A) $70,000
B) $200,000
C) $60,000
D) $130,000

Question

Following is the summary of the balance sheet of AWR Company: $$\begin{array} { l c c } 
& \text { Total Assets } & \text { Total Liabilities } \
\text { Beginning of the year } & \$ 250,000 & \$ 180,000 \
\text { End of the year } & \$ 500,000 & \$ 370,000
\end{array}$$ Determine the net income (or loss) for the year, assuming no common stock was issued and no dividends were paid during the year?
A) $70,000
B) $200,000
C) $60,000
D) $130,000

Quizplus · Accepted Answer

The Answer of Following is the summary of the balance sheet of AWR Company: $$\begin{array} { l c c } 
& \text { Total Assets } & \text { Total Liabilities } \
\text { Beginning of the year } & \$ 250,000 & \$ 180,000 \
\text { End of the year } & \$ 500,000 & \$ 370,000
\end{array}$$ Determine the net income (or loss) for the year, assuming no common stock was issued and no dividends were paid during the year?
A) $70,000
B) $200,000
C) $60,000
D) $130,000

Following Is the Summary of the Balance Sheet of AWR