A company reported the following balances at the end of 2022 and 2023: Total Assets 2022 2023 $8,500,000 $9,200,000 Total Liabilities $3,800,000 $4,000,000 During 2023, the company issued common stock of $150,000 and paid cash dividends of $70,000. How much was the 2023 net income?

A company reported the following balances at the end of 2022 and 2023: Total Assets 2022 2023 $8,500,000 $9,200,000 Total Liabilities $3,800,000 $4,000,000 During 2023, the company issued common stock of $150,000 and paid cash dividends of $70,000. How much was the 2023 net income?

Fundamentals Of Financial Management, Concise Edition (mindtap Course List)

10th Edition

ISBN:9781337902571

Author:Eugene F. Brigham, Joel F. Houston

Publisher:Eugene F. Brigham, Joel F. Houston

Chapter3: Financial Statements, Cash Flow, And Taxes

Section: Chapter Questions

Problem 19SP

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Question

Please explain how to solve this financial accounting question with valid financial principles.

A company reported the following balances at the end of 2022
and 2023:
Total Assets
2022
2023
$8,500,000 $9,200,000
Total Liabilities $3,800,000 $4,000,000
During 2023, the company issued common stock of $150,000
and paid cash dividends of $70,000.
How much was the 2023 net income?

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