The following information pertains to the next three questions.

At the beginning of 2012, X Company had assets of $300, liabilities of $150, and common stock of $50. During 2012 the company earned revenue of $400, incrued expenses of $250, and paid dividends of $100. All tansactions were cash transactions.

21. The amount of net income reported on X company's December 31, 2012 income statement would be

A. $400

B. $150

C. $50

D. none of the above

22. The amount of retained earnings reported on X Company's December 31, 2012 balance sheet would be

A. $100

B. $150

C. $50

D. none of the above

23. The amount of total assets reported on X Company's December 31, 2012 balance sheet would be

A. $350

B. $300

C. $450

D. $50