Billie Systems' retained earnings increased by $30,000 during 2022. The company declared $40,000 in dividends during the year. What was Billie Systems' net income or loss for 2022? A. Net income was $10,000. B. Net income was $70,000. C. Net loss was $70,000. D. Net loss was $10,000.

Billie Systems' retained earnings increased by $30,000 during 2022. The company declared $40,000 in dividends during the year. What was Billie Systems' net income or loss for 2022? A. Net income was $10,000. B. Net income was $70,000. C. Net loss was $70,000. D. Net loss was $10,000.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter2: Basic Accounting Systems: Cash Basis

Section: Chapter Questions

Problem 10CDQ: Assume that as of January 1, 20Y8, Sylvester Con- suiting has total assets of $500,000 and total...

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Assume that as of January 1, 20Y8, Sylvester Con- suiting has total assets of $500,000 and total assets of $150,000. As of December 31, 20Y8, Sylvester has total liabilities of $200,000 and total stockholders’ equity of $400,000. (a) What was Sylvester’s stockholders’ equity as of January 1, 20Y8? (b) Assume that Sylvester did not pay any dividends during 20Y8. What was the amount of net income for 20Y8?
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