The changes in account balances for Allen Inc. for 2021 are as follows: Assets 260,000 debit Common stock 160,000 credit Liabilities 66,000 credit Paid-in capital-excess of par 22,000 credit Assuming the only changes in retained earnings in 2021 were for net income and a S39,000 dividend, what was net income for 2021? Multiple Choice • 27,000. • 2,000. • 51,000. • $12,000.

The changes in account balances for Allen Inc. for 2021 are as follows: Assets 260,000 debit Common stock 160,000 credit Liabilities 66,000 credit Paid-in capital-excess of par 22,000 credit Assuming the only changes in retained earnings in 2021 were for net income and a S39,000 dividend, what was net income for 2021? Multiple Choice • 27,000. • 2,000. • 51,000. • $12,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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