The year-end financial statements of ABC Company contained the following elements and corresponding amounts: Element Assets Liabilities Common Stock Amount $50,000 $8,500 $30,500 Beginning Retained Earnings $5,000 Ending Retained Earnings $11,000 $9,500 $1,500 Revenue Dividends Based on this information, the amount of Net Income on ABC Company's Income Statement was: $4,500 $7,500 $6,000 $2,000

The year-end financial statements of ABC Company contained the following elements and corresponding amounts: Element Assets Liabilities Common Stock Amount $50,000 $8,500 $30,500 Beginning Retained Earnings $5,000 Ending Retained Earnings $11,000 $9,500 $1,500 Revenue Dividends Based on this information, the amount of Net Income on ABC Company's Income Statement was: $4,500 $7,500 $6,000 $2,000

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter24: Analysis Of Financial Statements

Section: Chapter Questions

Problem 3SEB

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