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Business, 10.05.2021 20:00 natashawetzel5961

A company started the year with the following: Assets $104,000; Liabilities $34,000; Common Stock $64,000; Retained Earnings $6,000. During the year, the company earned revenue of $5,400, all of which was received in cash, and incurred expenses of $3,200, all of which were unpaid as of the end of the year. In addition, the company paid dividends of $1,400 to owners. Assume no other activities occurred during the year. What was the amount of net income for the year? a. $3,200.
b. $2,200.
c. $1,400.
d. $5,400.

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A company started the year with the following: Assets $104,000; Liabilities $34,000; Common Stock $6...
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