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.
Formula No 1 Assets = Liability +