Stosch Company's balance sheet reported assets of $50,000, liabilities of $25,000 and common stock of $5,000...
Stosch Company's balance sheet reported assets of $50,000, liabilities of $25,000 and common stock of $5,000 as of December 31, Year 1. If Retained Earnings on the balance sheet as of December 31, Year 2, amount to $18,000 and Stosch paid a $14,000 dividend during Year 2, then the amount of net income for Year 2 was which of the following?
A) $17,000
B) $19,000
C) $12,000
D) $21,000
Homework Answers
Total assets=Total liabilities+Total equity
50,000=25,000+(Common stock+Retained earnings)
50,000=25,000+(5000+Retained earnings)
Retained earnings=50,000-25,000-5,000
=$20,000
Ending Retained earnings=Beginning Retained earnings+Net income-Dividends
18,000=20,000+Net income-14,000
Net income=18,000+14,000-20,000
=$12,000
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