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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
Transcribed Image Text: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
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