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Below Is Accounting Information for Cascade Company for 2013 What Was Net Income for the Year?
A) $320,000
B)

question 58

Multiple Choice

Below is accounting information for Cascade Company for 2013:  Revenue $416,000 Cash $120,000 Common stock $200,000 Expenses $300,000 Equipment $240,000 Accounts receivable $35,000 Notes payable $50,000 Notes receivable $62,000\begin{array}{|l|r|}\hline \text { Revenue } & \$ 416,000 \\\hline \text { Cash } & \$ 120,000 \\\hline \text { Common stock } & \$ 200,000 \\\hline \text { Expenses } & \$ 300,000 \\\hline \text { Equipment } & \$ 240,000 \\\hline \text { Accounts receivable } & \$ 35,000 \\\hline \text { Notes payable } & \$ 50,000 \\\hline \text { Notes receivable } & \$ 62,000 \\\hline\end{array} What was net income for the year?

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