A company reported the following asset and liability balances at the end of 2013 and 2014: Total
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Question:
A company reported the following asset and liability balances at the end of 2013 and 2014:
Total Assets 2013 = $6,800,000 Total Assets 2014 = $7,600,000
Total Liabilities 2013 = $3,200,000 Total Liabilities 2014 = $3,600,000
During 2014, cash dividends of $50,000 were declared and paid, and common stock was issued for $100,000. How much was the 2014 net income?
| A. | $400,000 |
| B. | $480,000 |
| C. | $350,000 |
| D. | $300,000 |
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