At December 31, Year 1, Lord of the Fries, Inc.'s assets were $60,000 and liabilities were $40,000. At December 31, Year 2, its assets are $130,000 and liabilities are $50,000. During the year, it did not issue new stock and did not declare or pay dividends. Calculate net income for Year 2.

Answer rating: 100% (QA)

To calculate the net income for Year 2 we need to determin... View the full answer