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The changes in account balances for Elder Company for 2011 are as follows:

Assets $480,000 debit
Common stock 250,000 credit
Liabilities 160,000 credit
Paid in capital - excess of par 30,000 credit

Assuming the only changes in retained earnings in 2011 were for net income and a $50,000 dividend, what was net income for 2011?

a. $40,000.

b. $60,000.

c. $70,000.

d. $90,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M971778

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