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At the beginning of the year, Suzanne Company had total assets of $1,200,000 and total stockholders' equity of $460,000. During the year, total assets increased by $180,000, and total liabilities increased by $84,000. The company also paid $14,000 in dividends. How much was the net income for the year? (A) $ 96,000 (B) $130,000 (C) $ 62,000 (D) $110.000

At the beginning of the year, Suzanne Company had total assets of $1,200,000 and total stockholders' equity of $460,000. During the year, total assets increased by $180,000, and total liabilities increased by $84,000. The company also paid $14,000 in dividends. How much was the net income for the year? (A) $ 96,000 (B) $130,000 (C) $ 62,000 (D) $110.000

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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3. At the beginning of the year, Suzanne Company had total assets of $1,200,000 and total stockholders' equity of $460,000. During the year, total assets increased by $180,000, and total liabilities increased by $84,000. The company also paid $14,000 in dividends. How much was the net income for the year? (A) $ 96,000 (B) $130,000 (C) $ 62,000 (D) $110.000
Transcribed Image Text:3. At the beginning of the year, Suzanne Company had total assets of $1,200,000 and total stockholders' equity of $460,000. During the year, total assets increased by $180,000, and total liabilities increased by $84,000. The company also paid $14,000 in dividends. How much was the net income for the year? (A) $ 96,000 (B) $130,000 (C) $ 62,000 (D) $110.000
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