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A business had: • Assets on Dec 31, Year 1: $820,000 • Liabilities on Dec 31, Year 1: $310,000 • Owner investments in Year 2: $45,000 Dividends paid in Year 2: $25,000 • Assets on Dec 31, Year 2: $870,000 • Liabilities on Dec 31, Year 2: $290,000 What is net income for Year 2?

A business had: • Assets on Dec 31, Year 1: $820,000 • Liabilities on Dec 31, Year 1: $310,000 • Owner investments in Year 2: $45,000 Dividends paid in Year 2: $25,000 • Assets on Dec 31, Year 2: $870,000 • Liabilities on Dec 31, Year 2: $290,000 What is net income for Year 2?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A business had: • Assets on Dec 31, Year 1: $820,000 • Liabilities on Dec 31, Year 1: $310,000 • Owner investments in Year 2: $45,000 Dividends paid in Year 2: $25,000 • Assets on Dec 31, Year 2: $870,000 • Liabilities on Dec 31, Year 2: $290,000 What is net income for Year 2?
Transcribed Image Text:A business had: • Assets on Dec 31, Year 1: $820,000 • Liabilities on Dec 31, Year 1: $310,000 • Owner investments in Year 2: $45,000 Dividends paid in Year 2: $25,000 • Assets on Dec 31, Year 2: $870,000 • Liabilities on Dec 31, Year 2: $290,000 What is net income for Year 2?
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