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If Total Assets Increased by $500,000 During a Period and Total

Question 21

Multiple Choice

If total assets increased by $500,000 during a period and total liabilities increased by $420,000 during the same period, determine the net income (or loss) for the year , assuming no common stock was issued and dividends of $40,000 were paid.​


A) $40,000
B) $210,000
C) $120,000
D) $290,000

Correct Answer:

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