FINAL EXAM FINANCIAL ACCOUNTING (1) VARIANT 3 Chapter 1 (1). At the beginning of the year, Chock Company had $50,000 in assets and $20,000 in liabilities. At the end of the year, the company had $80,000 in assets and $40,000 in liabilities. If, during the year, no investments were made in the business and dividends of $2,000 were paid during the year, net income for the year must have been $8,000 True? False? (2). The collection of fees in cash when services are performed A. increases assets and increases stockholders' equity. B. increases assets and decreases assets. C. decreases assets and decreases stockholders' equity. D. decreases assets and increases liabilities.