A company started the current year with assets of $700,000, liabilities of $350,000 and common stock of $200,000.During the current year, assets increased by $400,000, liabilities decreased by $50,000 and common stock increased by $275,000.There was no payment of dividends to owners during the year.
-Use the information above to answer the following question.What was the amount of net income for the year?

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The Answer of A company started the current year with assets of $700,000, liabilities of $350,000 and common stock of $200,000.During the current year, assets increased by $400,000, liabilities decreased by $50,000 and common stock increased by $275,000.There was no payment of dividends to owners during the year.
-Use the information above to answer the following question.What was the amount of net income for the year?

A Company Started the Current Year with Assets of $700,000