A company reported the following asset and liability balances at the end of 2009 and 2010: $$\begin{array} { l r r }
& 2009 & 2010 \
\text { Total Assets } & \$ 6,800,000 & \$ 7,600,000 \
\text { Total Liabilities } & 3,200,000 & 3,600,000
\end{array}$$ During 2010,cash dividends of $50,000 were declared and paid,and common stock was issued for $100,000.How much was the 2010 net income?
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 2009 and 2010: $$\begin{array} { l r r } 
& 2009 & 2010 \
\text { Total Assets } & \$ 6,800,000 & \$ 7,600,000 \
\text { Total Liabilities } & 3,200,000 & 3,600,000
\end{array}$$ During 2010,cash dividends of $50,000 were declared and paid,and common stock was issued for $100,000.How much was the 2010 net income?
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 2009 and 2010: $$\begin{array} { l r r } 
& 2009 & 2010 \
\text { Total Assets } & \$ 6,800,000 & \$ 7,600,000 \
\text { Total Liabilities } & 3,200,000 & 3,600,000
\end{array}$$ During 2010,cash dividends of $50,000 were declared and paid,and common stock was issued for $100,000.How much was the 2010 net income?
A)$400,000
B)$480,000
C)$350,000
D)$300,000

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