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Assume 2011 Is the Company's First Year of Business and There

Question 126

Multiple Choice

Assume 2011 is the company's first year of business and there were no dividends declared in 2011. Assume 2011 is the company's first year of business and there were no dividends declared in 2011.   Determine the missing amounts,1.Expenses.2.Net income and 3.Liabilities,in the condensed income statement and balance sheet for the year ended December 31,2011. A) 1) Expenses of $(100) ; 2.Net income of $200; 3.Liabilities of $500 B) 1) Expenses of $(200) ; 2.Net income of $500; 3.Liabilities of $1,500 C) 1) Expenses of $(200) ; 2.Net income of $100; 3.Liabilities of $500 D) 1) Expenses of $(500) ; 2.Net income of $200; 3.Liabilities of $500
Determine the missing amounts,1.Expenses.2.Net income and 3.Liabilities,in the condensed income statement and balance sheet for the year ended December 31,2011.


A) 1) Expenses of $(100) ; 2.Net income of $200; 3.Liabilities of $500
B) 1) Expenses of $(200) ; 2.Net income of $500; 3.Liabilities of $1,500
C) 1) Expenses of $(200) ; 2.Net income of $100; 3.Liabilities of $500
D) 1) Expenses of $(500) ; 2.Net income of $200; 3.Liabilities of $500

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