Ashley's Accessory Shop Started the Year with Total Assets of $210,000

question 54

Multiple Choice

Ashley's Accessory Shop started the year with total assets of $210,000 and total liabilities of $120,000. During the year the business recorded $330,000 in revenues, $165,000 in expenses, and dividends of $60,000. The net income reported by Ashley's Accessory Shop for the year was

• A)$120,000.
• B)$150,000.
• C)$195,000.
• D)$165,000.