Financial accounting question Maple Industries started the year with the following balances:AccountAmountAssets$150,000Liabilities$45,000Common Stock$80,000Retained Earnings $25,000During the year, the company had the following transactions:Transaction Type AmountPayment Status$9,800$8,900 received in cashRevenueExpensesDividends$5,600 $4,800 paid in cash$2,000 Fully paidAssume no other activities occurred during the year.What was the amount of net income for the year?A. $9,800B. $4,200C. $8,900D. $5,600

Step 1: Define Net IncomeNet income is the amount of profit a company earns after subtracting all…

Answered: Maple Industries started the year with…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 5MC

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