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
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Financial Accounting The Basics
Authors: Ilias Basioudis
1st Edition
1138605514, 9781138605510
