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Dereks Cat Emporium started the year with total assets of $300,000 and total liabilities of $240,000. During the year the business recorded $600,000 in revenues,
Dereks Cat Emporium started the year with total assets of $300,000 and total liabilities of $240,000. During the year the business recorded $600,000 in revenues, $300,000 in expenses, and dividends of $1,000. The net income reported by Derek's Cat Emporium for the year was
A. $299,000
B. $300,000
C. $359,000
D. $360,000
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