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Fred's Model Aircraft Repair Shop started the year with total assets of $120,000, total liabilities of $80,000, and retained earnings of $36,000. During the year,
Fred's Model Aircraft Repair Shop started the year with total assets of $120,000, total liabilities of $80,000, and retained earnings of $36,000. During the year, the business recorded $200,000 in repair revenues, $140,000 in expenses, and the company paid dividends of $30,000. The net income reported by Freds Model Aircraft Repair Shop for the year was:
Select one:
A. $ 60,000
B. $360,000
C. $ 80,000
D. $100,000
E. None of the above
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