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7. Zia Company reports the following balance sheet information for 2020: 1 July 2019 30 June 2020 Assets Liabilities $60,000 $12,000 $70,000 $14,000 Assume that

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7. Zia Company reports the following balance sheet information for 2020: 1 July 2019 30 June 2020 Assets Liabilities $60,000 $12,000 $70,000 $14,000 Assume that capital contributions during 2020 were $3,000 and that dividends were $12,000. Net profit for the year ended 30 June 2020 must have been: A B. C. D. E. $8,000 $11,000 $23,000 $17,000 $9,000

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