Cornerstones of Financial Accounting
4th Edition
ISBN: 9781337690881
Author: Jay Rich, Jeff Jones
Publisher: Cengage Learning
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How much was the 2014 net income?
Transcribed Image Text:A company reported the following asset and liability
balances at the end of 2013 and 2014:
2013
2014
Total Assets
$7,500,000 $8,200,000
Total Liabilities 4,300,000 4,500,000
During 2014, cash dividends of $50,000 were declared
and paid, and common stock was issued for $100,000.
How much was the 2014 net income?
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