The changes in account balances for Elder Company for 2021 are as follows: Assets. $480,000 debit Common stock 250,000 credit 160,000 credit 30,000 credit Liabilities Paid-in capital-excess of par

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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The changes in account balances for Elder Company for 2021 are as follows:
Assets
Common stock
Liabilities
Paid-in capital-excess of par
$480,000 debit
250,000 credit
160,000 credit
30,000 credit
Assuming the only changes in retained earnings in 2021 were for net income and a $50,0o00 dividend, what was net income for 2021?
Multiple Choice
$60,000.
$70,000.
$40,000.
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Transcribed Image Text:Help Save & Exit The changes in account balances for Elder Company for 2021 are as follows: Assets Common stock Liabilities Paid-in capital-excess of par $480,000 debit 250,000 credit 160,000 credit 30,000 credit Assuming the only changes in retained earnings in 2021 were for net income and a $50,0o00 dividend, what was net income for 2021? Multiple Choice $60,000. $70,000. $40,000. Next > 27 of 39 <Prev Question no....pages
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