Assume a firm has no liabilities at the beginning or end of the year and pays no dividends. Also, assume that the amount in the common stock account remains unchanged.

During the year the firm had $$1,000$ of revenues and $$700$ of expenses. As a result, the amount of assets increased during the year by $$300.$

Group of answer choices

True

False

Answer rating: 100% (QA)

The detailed answer for the above question is provided below True If a firm has no ... View the full answer