The changes in account balances for Elder Company for 2018 are as follows: Assuming the only changes in retained earnings in 2018 were for net income and a $50,000 dividend, what was net income for 2018?
A) $40,000.
B) $60,000.
C) $70,000.
D) $90,000.

Question

The changes in account balances for Elder Company for 2018 are as follows:  Assuming the only changes in retained earnings in 2018 were for net income and a $50,000 dividend, what was net income for 2018?
A) $40,000. 
B) $60,000. 
C) $70,000. 
D) $90,000.

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The Changes in Account Balances for Elder Company for 2018