Please solve this problem general Accounting James Wilson is the sole shareholder of Wilson Enterprises. As of December 31, 2022,Wilson Enterprises reported assets of $785,300 and liabilities of $324,150. During 2023,James invested an additional $45,000 in the company by purchasing new shares andreceived dividends of $32,500.What was the net income of Wilson Enterprises for 2023 if the company reported assets of$897,600 and liabilities of $295,800 as of December 31, 2023?a. $103,150b. $72,350c. $140,650d. $35,000

Step 1: Define Net IncomeNet income is the increase in retained earnings during a period. It is…

Answered: James Wilson is the sole shareholder of…

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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