XYZ Inc.'s net assets (assets minus liabilities) were $420,000 at December 31, 2022, and $525,000 at December 31, 2023. During 2023, the company issued additional common stock for $65,000 and paid dividends of $30,000 to shareholders. What was XYZ Inc.'s net income for 2023? a. $70,000 b. $105,000 c. $140,000 d. $200,000

XYZ Inc.'s net assets (assets minus liabilities) were $420,000 at December 31, 2022, and $525,000 at December 31, 2023. During 2023, the company issued additional common stock for $65,000 and paid dividends of $30,000 to shareholders. What was XYZ Inc.'s net income for 2023? a. $70,000 b. $105,000 c. $140,000 d. $200,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 3P: On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a...

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