A company which lost part of its accounting system in a fire is having trouble determining what its net income is for the current year.The following correct adjusted balances and additional information for the current year are available: Additional information for the year: Other than earnings and the events listed above,no other events or transactions affected owners' Equity in the current year.What was net income for the current year?
A)$12,000
B)$22,000
C)$17,000
D)$16,000

Question

A company which lost part of its accounting system in a fire is having trouble determining what its net income is for the current year.The following correct adjusted balances and additional information for the current year are available:  Additional information for the year:  Other than earnings and the events listed above,no other events or transactions affected owners' Equity in the current year.What was net income for the current year?
A)$12,000 
B)$22,000 
C)$17,000 
D)$16,000

Quizplus · Accepted Answer

The Answer of A company which lost part of its accounting system in a fire is having trouble determining what its net income is for the current year.The following correct adjusted balances and additional information for the current year are available:  Additional information for the year:  Other than earnings and the events listed above,no other events or transactions affected owners' Equity in the current year.What was net income for the current year?
A)$12,000 
B)$22,000 
C)$17,000 
D)$16,000

A Company Which Lost Part of Its Accounting System in a Fire