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Home Q & A Board Other Fields Homework Help Business Accounting
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H3Ko H3Ko
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7 years ago
The total assets and the total liabilities of Smart Financial Services are shown below. The company issued no common stock and paid no dividends during the year.

   Assets   Liabilities
Beginning of year   $405,000   $270,000
End of year   455,000   300,000

What was the amount of net income for the year?
A) $80,000
B) $20,000
C) $30,000
D) $50,000
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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TanksTanks
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7 years ago
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H3Ko Author
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#2
7 years ago
YES! Can't believe I got this one right. Appreciate the confirmation
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