Information Related to the Franklin Company for the Calendar Year

question 57

Multiple Choice

Information related to the Franklin Company for the calendar year 2010 follows: $\begin{array}{ll}\text { Liabilities, December } 31,2010 & \$ 400 \\\text { Assets, December } 31,2010 & 700 \\\text { Dividends clistributed during } 2010 & 90 \\\text { Liabilities, December } 31,2009 & 250 \\\text { Asssets, December } 31,2009 & 350\end{array}$ Assuming no capital stock was issued during 2010, the net income earned by the Jones Company during 2010 was

• A)$110
• B)$200
• C)$260
• D)$290