Native Mike's Consultants Had the Following Balance Sheet Amounts at the Beginning

question 180

Multiple Choice

Native Mike's Consultants had the following balance sheet amounts at the beginning of the year: During the year, total assets increased by $100,000 and total liabilities increased by $40,000. The company also paid $30,000 in dividends. No other transactions occurred except revenues and expenses. How much is net income for the year?

• A) $30,000
• B) $60,000
• C) $70,000
• D) $90,000

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