Primer Consultants had the following balance sheet amounts at the beginning of the year: Total assets                                        $  400,000 Total liabilities                                  $  150,000 During the year, total assets decreased by $70,000 and total liabilities increased by $10,000.  Primer also declared and paid $15,000 in dividends.  How much is the net income for the year? A) $80,000 B) ($95,000) C) ($65,000) D) ($105,000)

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A:

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A: Solution: Net income = revenues - expenses  = 46000 - 30000 = $16,000

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A: Hi student Since there are multiple subparts, we will answer only first three subparts.

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A: Since you have asked multiple question, we will solve the first question for you. If you want any…

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