Carlton Company had assets of $280,000 and liabilities of $120,000 at the beginning of the year, and

Question:

Carlton Company had assets of $280,000 and liabilities of $120,000 at the beginning of the year, and assets of $400,000 and liabilities of $140,000 at the end of the year. During the year, there was an investment of $40,000 in the business and the company paid dividends of $48,000. What amount of net income did the company earn during the year?