Vandever Company's Balance Sheet Reported Assets of $42,000, Liabilities of $15,000

question 69

Multiple Choice

Vandever Company's balance sheet reported assets of $42,000, liabilities of $15,000 and common stock of $12,000 as of December 31, 2012. If Retained Earnings on the December 31, 2013 balance sheet is $18,000 and Vandever paid a $14,000 dividend during 2013, then the amount of net income for 2013 was which of the following?

• A)$17,000
• B)$15,000
• C)$3,000
• D)None of these

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