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    brandoncrossman's Avatar
    brandoncrossman Posts: 1, Reputation: 1
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    #1

    Jun 19, 2010, 04:28 AM
    Determining Net Income?
    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.
    mjf505's Avatar
    mjf505 Posts: 4, Reputation: 1
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    #2

    Jun 19, 2010, 09:12 AM
    c. 380,000
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #3

    Jun 22, 2010, 02:11 AM

    mjf505 please do NOT just answer someone's homework for them. It's unethical and they don't learn anything that way. Both of you please go read the guidelines for posting homework:
    https://www.askmehelpdesk.com/arts-l...-b-u-font.html
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