Beginning Assets were $700,000,Beginning Equity was $225,000,Revenue for the year was $523,000,Common Stock sold during the year totaled $320,000,Expenses for the year were $392,000,Ending Equity is $751,000,and Ending Assets are $963,000.
What is Net Income for the year?
A)$475,000
B)$998,000
C)$131,000
D)$203,000
E)$308,000

Question

Quizplus · Accepted Answer

523,000 - 392,000 = 131,000

Beginning Assets Were $700,000,Beginning Equity Was $225,000,Revenue for the Year