Question
On January 1, Year 2, Chavez Company had beginning balances as follows: Assets = $ 12,500 Liabilities = $ 4,500 Common Stock = $ 3,000
On January 1, Year 2, Chavez Company had beginning balances as follows:
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| Assets | = | $ | 12,500 |
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| Liabilities | = | $ | 4,500 |
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| Common Stock | = | $ | 3,000 |
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During Year 2, Chavez paid dividends to its stockholders of $2,000. Given that ending retained earnings was $6,000, what was Chavez's net income for the Year 2?
A) $3,000
B) $5,000
C) $7,000
D) $2,000
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Auditing Business Continuity Plans Assess And Improve Your Performance Against ISO 22301
Authors: John Silltow
2nd Edition
058074342X, 978-0580743429
