On January 1,2015,Chavez Company had beginning balances as follows:
Assets = $12,500
Liabilities = $4,500
Common Stock = $3,000
During 2016,Chavez paid dividends to its stockholders of $2,000.Given that ending retained earnings was $6,000,what was Chavez's net income for the 2016 accounting period?
A)$3,000
B)$5,000
C)$7,000
D)$2,000

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The Answer of On January 1,2015,Chavez Company had beginning balances as follows:
Assets = $12,500
Liabilities = $4,500
Common Stock = $3,000
During 2016,Chavez paid dividends to its stockholders of $2,000.Given that ending retained earnings was $6,000,what was Chavez's net income for the 2016 accounting period?
A)$3,000
B)$5,000
C)$7,000
D)$2,000

On January 1,2015,Chavez Company Had Beginning Balances as Follows