A company started the year with the following: Assets $102.000: Liabilities $32.000: Common Stock $62.000: Retained Earnings $8.000.

During the year, the company earned revenue of $5.200, all of which was received in cash, and incurred expenses of $3.100, all of which were unpaid as of the end of the year. In addition, the company paid dividends of $1,200 to owners. Assume no other activities occurred during the year.

What was the amount of net Income for the year?

1. $5,200
2. $1,200
3. $2,100
4. $3,100

Answer rating: 100% (QA)

Correct option is 3 Net i... View the full answer