brandoncrossman
Jun 19, 2010, 04:28 AM
Could someone help me answer this question...
Haloran reported the following asset and liability balances at the end of 20D and 20E
20D
Total Assets $6,800,000
Total Liabilities $3,200,000
Cash $750,000
20E
Total Assets $7,600,000
Total Liabilities $3,600,000
Cash $920,000
During 20E, cash dividends of $80,000 were declared and paid. Additional capital stock was issued for $100,000. Therefore, the net income (or net loss) for 20E was
A) $400,000
B) $480,000
C) $380,000
D) $300,000
E) none of the above.
Haloran reported the following asset and liability balances at the end of 20D and 20E
20D
Total Assets $6,800,000
Total Liabilities $3,200,000
Cash $750,000
20E
Total Assets $7,600,000
Total Liabilities $3,600,000
Cash $920,000
During 20E, cash dividends of $80,000 were declared and paid. Additional capital stock was issued for $100,000. Therefore, the net income (or net loss) for 20E was
A) $400,000
B) $480,000
C) $380,000
D) $300,000
E) none of the above.