Question
Your Company's balance sheet reported common stock of $9,500 and retained earnings of $5,000 on January 1, 2021. Retained earnings on the December 31, 2021
Your Company's balance sheet reported common stock of $9,500 and retained earnings of $5,000 on January 1, 2021. Retained earnings on the December 31, 2021 balance sheet was $11,000. The company paid a $3,500 dividend during the year. What was net income for 2021?
Group of answer choices
$ 9,500
$14,500
$ 2,000
$ 7,000
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Managerial Accounting for Managers
Authors: Eric Noreen, Peter Brewer, Ray Garrison
4th edition
1259578542, 978-1259578540
