A company had the following balance sheet amounts at the beginning of the year: Total assets $750,000 Total liabilities $425,000 During the year, total assets increased by $350,000, total liabilities increased by $130,000. Dividends were paid in the amount of $60,000. No other transactions occurred except revenues and expenses (i.e. no changes in the stock account). How much is net income for the year? Show and label your work.

Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter2: Basic Accounting Systems: Cash Basis
Section: Chapter Questions
Problem 2.5P: Missing amounts from Financial statements The financial statements at the end of Network Realty,...
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1.
** * *
A company had the following balance sheet amounts at the beginning of the year:
Total assets
$750,000
Total liabilities
$425,000
During the year, total assets increased by $350,000, total liabilities increased by
$130,000.
Dividends were paid in the amount of $60,000.
No other transactions occurred except revenues and expenses (i.e. no changes in the
stock account).
How much is net income for the year? Show and label your work.
8.
TA
MacBook Pro
Transcribed Image Text:(8) ment/d/1Cpml9J8VIKe_n442WSnv42DWYxNQL3pesDZ6-yaxBus/edit Tools Add-ons Help Last edit was 7 minutes ago text Arial 11 二次|三1|= 三三 1. ** * * A company had the following balance sheet amounts at the beginning of the year: Total assets $750,000 Total liabilities $425,000 During the year, total assets increased by $350,000, total liabilities increased by $130,000. Dividends were paid in the amount of $60,000. No other transactions occurred except revenues and expenses (i.e. no changes in the stock account). How much is net income for the year? Show and label your work. 8. TA MacBook Pro
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