The changes in account balances for Elder Company for 2016 are as follows:

Assuming the only changes in retained earnings in 2016 were for net income and a $50,000 dividend,what was net income for 2016?
A)$40,000.
B)$60,000.
C)$70,000.
D)$90,000.

Question

The changes in account balances for Elder Company for 2016 are as follows:

Assuming the only changes in retained earnings in 2016 were for net income and a $50,000 dividend,what was net income for 2016?
A)$40,000. 
B)$60,000. 
C)$70,000. 
D)$90,000.

Quizplus · Accepted Answer

The Answer of The changes in account balances for Elder Company for 2016 are as follows:

Assuming the only changes in retained earnings in 2016 were for net income and a $50,000 dividend,what was net income for 2016?
A)$40,000. 
B)$60,000. 
C)$70,000. 
D)$90,000.

The Changes in Account Balances for Elder Company for 2016