Miller Corporation had beginning total liabilities of $50,000 and ending total liabilities of $70,000. The beginning balance in stockholders' equity was $60,000. During the year, total assets increased by $45,000. In addition, capital stock of $15,000 was issued, and dividends of $8,000 were declared and paid. How much was Miller's net income for the year?
Miller Corporation had beginning total liabilities of $50,000 and ending total liabilities of $70,000. The beginning balance in stockholders' equity was $60,000. During the year, total assets increased by $45,000. In addition, capital stock of $15,000 was issued, and dividends of $8,000 were declared and paid. How much was Miller's net income for the year?
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
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Problem 11MCQ: Chasse Building Supply Inc. reported net cash provided by operating activities of $243,000, capital...
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How much was Miller's net income for the year?

Transcribed Image Text:Miller Corporation had beginning
total
liabilities of $50,000 and ending total
liabilities of $70,000. The beginning balance in
stockholders' equity was $60,000. During the
year, total assets increased by $45,000. In
addition, capital stock of $15,000 was issued,
and dividends of $8,000 were declared and
paid.
How much was Miller's net income for the
year?
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