As of the end of its accounting period, December 31, Year 1, Great Plains Company has assets
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Question:
As of the end of its accounting period, December 31, Year 1, Great Plains Company has assets of $927,022 and liabilities of $273,536. During Year 2, stockholders invested an additional $28,928 and received $25,783 in dividends from the business. What is the amount of net income during Year 2, assuming that as of December 31, Year 2, assets were $986,665 and liabilities were $234,126?
a. $59,300
b. $47,672
c. $103,688
d. $25,676
Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
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