Revenues were $170,000, expenses were $90,000, and cash dividends were $30,000. What was the net income and the change in retained earnings for the period?

Question

Revenues were $170,000, expenses were $90,000, and cash dividends were $30,000.  What was the net income and the change in retained earnings for the period?

Answer

Net income was $80,000; the change in retained earnings was $80,000.

Answer

Net income was $250,000; the change in retained earnings was $250,000.

Answer

Net income was $80,000; the change in retained earnings was $50,000.

Answer

Net income was $50,000; the change in retained earnings was $50,000.

Crowdly

Revenues were $170,000, expenses were $90,000, and cash dividends were $30,000. ...

Want instant access to all verified answers on moodle.hsu.edu.hk?