Multiple Choice
A new firm issued $500 in common stock. At the end of the first year, the firm had total assets of $1100 and total debt of $400. What was the amount of net income for the first year, assuming the
firm paid no dividends?
A) -$200 (a loss)
B) $200
C) $700
D) $1200
E) Cannot be determined from the information provided
Correct Answer:
Verified
Correct Answer:
Verified
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