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4. Beginning and ending balances for the year were as shown: (2) Beginning balance Ending balance Assets $200,000 $285,000 Liabilites $165,000 The net income for the year was $30,000 and dividends of $10,000 were declared. The stockholders contributed $40,000 during the year. The total liabilities at the end of the year were: $190,000 0,000 20 S b) $100,000 c) $165,000 oo 40,000 d) $195,000 GSA o o only on 5. Melendez Company debited Insurance expense $960 on July 31, 2008 for a one-year fire insurance policy purchased on July 1, 2008. The company prepares monthly financial statements. Which of the followings is true about the July financial statements? (2)