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As of December 31, 2018, Foxfire Company Had Assets of $2,775,000

Question 64

Multiple Choice

As of December 31, 2018, Foxfire Company had assets of $2,775,000 and liabilities of $855,000. During 2019, the stockholders invested an additional $150,000 and paid dividends of $90,000 from the business.
What is the net income for the company during 2019, assuming that as of December 31, 2019, assets were $2,940,000, and liabilities were $765,000?


A) $ 225,000
B) $ 195,000
C) $ 315,000
D) $ 60,000

Correct Answer:

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