On December 31, 2006, the net assets of Marino Manufacturing amounted to $40,000. Net income calculated by using the financial capital maintenance concept amounted to $12,000. During the year, additional common stock was issued for $8,000, and $5,000 of dividends were paid. The net assets on January 1, 2006, amounted to:

a. $31,000

b. $37,000

c. $20,000

d. $25,000

Answer rating: 100% (QA)

Calculate the Net Assets Available at January 12006 Net ... View the full answer