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

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

Intermediate Accounting: Reporting And Analysis
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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Financial accounting question

Maple Industries started the year with the following balances: Account Amount Assets $150,000 Liabilities $45,000 Common Stock $80,000 Retained Earnings $25,000 During the year, the company had the following transactions: Transaction Type Amount Payment Status $9,800 $8,900 received in cash Revenue Expenses Dividends $5,600 $4,800 paid in cash $2,000 Fully paid Assume no other activities occurred during the year. What was the amount of net income for the year? A. $9,800 B. $4,200 C. $8,900 D. $5,600
Transcribed Image Text:Maple Industries started the year with the following balances: Account Amount Assets $150,000 Liabilities $45,000 Common Stock $80,000 Retained Earnings $25,000 During the year, the company had the following transactions: Transaction Type Amount Payment Status $9,800 $8,900 received in cash Revenue Expenses Dividends $5,600 $4,800 paid in cash $2,000 Fully paid Assume no other activities occurred during the year. What was the amount of net income for the year? A. $9,800 B. $4,200 C. $8,900 D. $5,600
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