Beginning assets were $437,600,beginning liabilities were $262,560,common stock issued during the year totaled $45,000,revenue for the year was $414,250,expenses for the year were $280,000,dividends declared were $22,700,and ending liabilities were $350,000. What was net income for the year?
A)$700,160
B)$331,590
C)$134,250
D)$612,560
E)$175,040

Question

Quizplus · Accepted Answer

Net income is calculated as Revenue minus Expenses. Therefore, Net Income = $414,250 - $280,000 = $134,250.

Beginning Assets Were $437,600,beginning Liabilities Were $262,560,common Stock Issued During