ETHICAL OBLIGATIONS+DEC MAKING-W/CONNECT
ETHICAL OBLIGATIONS+DEC MAKING-W/CONNECT
5th Edition
ISBN: 9781264026746
Author: Mintz
Publisher: MCG CUSTOM
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Chapter 3, Problem 9.2CQ
To determine

Identify the stake of not issuing the revised 10Q.

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Dynamic Production Services started the year with total assets of $130,000 and total liabilities of $50,000. The company is a sole proprietorship. The revenues and the expenses for the year amounted to $100,000 and $60,000, respectively. During the year, there were no new capital contributions, and the owner withdrew $45,000. Calculate Dynamic's net income for the year. a. $40,000. b. $100,000. c. $60,000. d. $130,000.
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