Dynamic Production Services Started the Year with Total Assets of $120,000

question 140

Multiple Choice

Dynamic Production Services started the year with total assets of $120,000 and total liabilities of $55,000. The revenues and the expenses for the year amounted to $100,000 and $80,000, respectively. During the year, the company did not issue any common stock, but it distributed dividends of $50,000. Calculate Dynamic's net income for the year.

• A) $20,000
• B) $100,000
• C) $80,000
• D) $120,000

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