Golden Enterprises Started the Year with the Following: Assets $50,000;Liabilities

Multiple Choice

Golden Enterprises started the year with the following: Assets $50,000;Liabilities $15,000;Common Stock $30,000;Retained Earnings $5,000.During the year,the company earned revenue of $2,500,all of which was received in cash,and incurred expenses of $1,500,all of which were unpaid as of the end of the year.In addition,the company paid dividends of $500 to owners.Assume no other activities occurred during the year. What was the amount of Golden's net income for the year?

A) $1,000
B) $500
C) $1,500
D) $2,500