Mofro's Computer Repair Shop Started the Year with Total Assets

Multiple Choice

Mofro's Computer Repair Shop started the year with total assets of $300,000 and total liabilities of $200,000. During the year, the business recorded $500,000 in computer repair revenues, $300,000 in expenses, and Mofro paid dividends of $50,000. The net income reported by Mofro's Computer Repair Shop for the year was

A) $100,000.
B) $150,000.
C) $200,000.
D) $250,000.