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Golden Enterprises started the year with the following: Assets $123,000; Liabilities $42,000; Common Stock $72,000; Retained Earnings $9,000. During the year, the company earned revenue
Golden Enterprises started the year with the following: Assets $123,000; Liabilities $42,000; Common Stock $72,000; Retained Earnings $9,000. During the year, the company earned revenue of $6,500, all of which was received in cash, and incurred expenses of $3,750, all of which were unpaid as of the end of the year. In addition, the company paid dividends of $2,500 to owners. Assume no other activities occurred during the year. What was the amount of Golden's net income for the year? Multiple Choice $2,500 O $3,750 O O $6,500 o $2,750
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