During 2016, Banigo Corporation Experienced an Increase in Total Assets

Multiple Choice

During 2016, Banigo Corporation experienced an increase in total assets of $72,600 and an increase in total liabilities of $40,900.Assuming that capital stock increased by $5,000 and no dividends were paid, calculate Banigo's net income or net loss for 2016.

A) Net income of $26,700
B) Net loss of $31,700
C) Net income of $67,600
D) Net loss of $45,900