(Answered) Question - megn corporation had beginning total liabilities

Accounting

Question - Megn Corporation had beginning total liabilities of $40,000 and ending total liabilities of $60,000. The beginning balance in stockholders' equity was 50,000. During the year, total assets increased 35,000. In addition, capital stock of 10,000 was issued and dividends of $5,000 were declared and paid. How much was Mega's net income for the year? HINT: Use changes in the accounting equation to answer this problem.

a. $20,000

b. 15,000

c. 10,000

d. $ 5,000

e. None of these

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