Question: Question: The beginning balance in total assets is $ 1 0 0 , 0 0 0 and total liability $ 3 0 , 0 0

Question:
The beginning balance in total assets is $100,000 and total liability $30,000. The ending balance in total assets is $110,000 and total liability $40,000. Which of the following is possible?
Answer Choices:
Net income (or profit): $40,000; dividends paid: $40,000; no changes in other Owners' Equity accounts.
Net loss of $70,000, no changes in the other Owners' Equity accounts.
Net loss of $10,000, no changes in the other Owners' Equity accounts.
Net income (or profit) of $10,000, no changes in the other Owners' Equity accounts.

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