At the End of Its First Year of Operations, Lockerbie

question 101

Multiple Choice

At the end of its first year of operations, Lockerbie and Role Company has total assetsof $3,000,000 and total liabilities of $1,200,000. The owner originally invested$200,000 in the business, but has not made any further investments or taken any withdrawals. What is the first year's net income for Lockerbie and Role Company?

• A)$3,200,000.
• B)$3,000,000.
• C)$1,000,000.
• D)$1,800,000.
• E)$1,600,000.

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Definitions:

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