Primer Consultants had the following balance sheet amounts at the beginning of the year: Total assets $ 400,000 Total liabilities $ 150,000 During the year, total assets decreased by $70,000 and total liabilities increased by $10,000. Primer also declared and paid $15,000 in dividends. How much is the net income for the year? A) $80,000 B) ($95,000) C) ($65,000) D) ($105,000)
Primer Consultants had the following balance sheet amounts at the beginning of the year: Total assets $ 400,000 Total liabilities $ 150,000 During the year, total assets decreased by $70,000 and total liabilities increased by $10,000. Primer also declared and paid $15,000 in dividends. How much is the net income for the year? A) $80,000 B) ($95,000) C) ($65,000) D) ($105,000)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Primer Consultants had the following balance sheet amounts at the beginning of the year:
Total assets $ 400,000
Total liabilities $ 150,000
During the year, total assets decreased by $70,000 and total liabilities increased by $10,000. Primer also declared and paid $15,000 in dividends. How much is the net income for the year?
A) $80,000
B) ($95,000)
C) ($65,000)
D) ($105,000)
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