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

question 108

Multiple Choice

Native Dave's Consultants had the following balance sheet amounts at the beginning of the year: $\begin{array}{lr}\text { Total assets } & \$ 400,000 \\\text { Total owner's equity } & 150,000\end{array}$ ? 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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