FINANCIAL ACCOUNTING: TOOLS LL W/ ACCES
9th Edition
ISBN: 9781119493648
Author: Kimmel
Publisher: WILEY
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General accounting question
James Wilson is the sole shareholder of Wilson Enterprises. As of December 31, 2022,
Wilson Enterprises reported assets of $785,300 and liabilities of $324,150. During 2023,
James invested an additional $45,000 in the company by purchasing new shares and
received dividends of $32,500.
What was the net income of Wilson Enterprises for 2023 if the company reported assets of
$897,600 and liabilities of $295,800 as of December 31, 2023?
a. $103,150
b. $72,350
c. $140,650
d. $35,000
I need assistance with this general accounting question using appropriate principles.
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