Homework Answers
Net Income = Revenue - Expenses
= 300-200 = $100
Assets at beginning of period = $600
Retained earnings at beginning = $250
Retained during the year = Net income - Dividends = 100-50 = $50
Retained earnings at the end of the period = $300
Liabilities at the beginning = Assets - Equity
= 600-200-250
= $150
Liabilities at end = $150-100 = $50
Equity at end = 200+300 = $500
Assets at end = 50+500 = $550
Hence, the correct statement is b,
Answer is b.
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