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2) A company has been in business for five years. As of December 31, 2008, the company had assets of $475,000 and liabilities of $200,000.
2) A company has been in business for five years. As of December 31, 2008, the company had assets of $475,000 and liabilities of $200,000. After a successful year of business in 2009, the company's assets had increased by $95,000, and liabilities had increased by $40,000. While no new investments were made into the company during 2009, a dividend of $12,000 was paid to owners. Based on this information, determine the company's net income for the year 2009. . $55,000 $43,000 $47,000 $67,000
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