The following accounts and balances were drawn from the records of Carolina Company on December 31, Year
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Question:
The following accounts and balances were drawn from the records of Carolina Company on December 31, Year 1:
Cash $ 4,000 Accounts receivable $ 3,400
Dividends $ 2,000 Common stock $ 3,900
Land $ 3,200 Revenue $ 3,200
Accounts payable $ 1,800 Expense $ 2,200
The amount of net income shown on Carolina's Year 1 balance sheet would amount to:
A. $12,600
B. $13,800
C. $7,200
D. $10,600
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