(Solved):Q: At December 31, …

 

Question

Question

At December 31, Year 1, Lord of the Fries, Inc.’s assets were $50,000 and liabilities were $40,000. At December 31, Year 2, its assets are $110,000 and liabilities are $50,000. During the year, it did declared and paid dividends of $300. It did not issue new stock.  Calculate Net Income for Year 2.

 

EXPERT ANSWER

Step 1

Formula No 1 Assets = Liability + 

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