Please give me answer financial Accounting Willie Company's retained earnings increased by $20,000during 2016. What was Willie's 2016 net income or loss,given that Willie declared $25,000 of dividends during 2016?a. Net income was $5,000.b. Net income was $45,000.c. Net loss was $45,000.d. Net loss was $5,000.

Step 1: Define Income StatementThe accounts reported on the income statement are the first to check…

Answered: Willie Company's retained earnings…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter16: Working Capital Policy And Short-term Financing

Section: Chapter Questions

Problem 1P

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Willie Company's retained earnings increased by $20,000 during 2016. What was Willie's 2016 net income or loss, given that Willie declared $25,000 of dividends during 2016? a. Net income was $5,000. b. Net income was $45,000. c. Net loss was $45,000. d. Net loss was $5,000.