Following Are the Summaries of Balance Sheet of LCF Company

question 15

Multiple Choice

Following are the summaries of balance sheet of LCF Company: $$\begin{array} { l c c } & \text { Total Assets } & \text { Total Liabilities } \\\text { Beginning of the year } & \$ 250,000 & \$ 180,000 \\\text { End of the year } & \$ 500,000 & \$ 370,000\end{array}$$ Determine the net income (or loss) for the year, assuming $80,000 of common stock was issued and no dividends were paid during the year?

• A) $140,000
• B) ($20,000)
• C) $160,000
• D) ($60,000)

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Definitions:

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