On January 1 of year 2, the Chavez Company had beginning balances as follows total assets of $12,500, total liabilities of $4,500, and common stock of $3,000 During Year 2, Chvez paid dividends to his shareholders of $2,000 Given that retained earnings were $6,000 at the end of year 2, what was Cha...

To determine the net income of Chavez Company for Year 2 we need to use the accounting equation whic ...

On January 1 of year 2, the Chavez Company had beginning balances as follows: total assets of

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Question:

On January 1 of year 2, the Chavez Company had beginning balances as follows: total assets of $12,500, total liabilities of $4,500, and common stock of $3,000. During Year 2, Chávez paid dividends to his shareholders of $2,000. Given that retained earnings were $6,000 at the end of year 2, what was Chavez's net income for year 2?