Wilton Corporation had beginning retained earnings of $724,000 and ending retained earnings of $833,000. During the year they issued common stock totaling $47,000. No dividends were paid. What was Wilton's net income for the year?
A) $109,000
B) $62,000
C) $156,000
D) $131,000

Question

Quizplus · Accepted Answer

Net income = Ending retained earnings - Beginning retained earnings + Common stock issued - Dividends paid= $833,000 - $724,000 + $47,000 - $0= $109,000

Wilton Corporation Had Beginning Retained Earnings of $724,000 and Ending