A Company Had Total Assets of $650,000 and Total Shareholders

question 78

Multiple Choice

A company had total assets of $650,000 and total shareholders' equity of $250,000 at the beginning of the year.During the year,total assets increased by $350,000,total liabilities increased by $100,000,and dividends were paid in the amount of $300,000.No other transactions occurred except revenues and expenses.How much is net income for the year?

• A) $500,000
• B) $550,000
• C) $650,000
• D) $750,000