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.
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.
Chapter16: Working Capital Policy And Short-term Financing
Section: Chapter Questions
Problem 1P
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Please give me answer financial Accounting

Transcribed Image Text: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.
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