Maxwell flooring started the year with total assets of $160,000 and total liabilities of $75,000. during the year, the business recorded $250,000 in revenues, $100,000 in expenses, and dividends of $30,000. the net income reported by maxwell flooring for the year was a : $150,000. b : $85,000. c : $125,000. d : $90,000.

(A) $150,000

Step-by-step explanation:

As per the given data of the question,

Maxwell Flooring started the year with

Total Assets = $160,000

Total liabilities = $75,000

Revenues = $250,000

Expenses = $100,000

Dividends = $30,000

Stockholders' equity at the end of the year was given by formula:

SE = (Total Assets - Total Liabilities) + (Revenues - Expenses) - Dividends

Therefore,

SE = (Total Assets - Total Liabilities) + (Revenues - Expenses) - Dividends

SE = ($160,000 - $75,000) + ($250,000 - $100,000) - $30,000

SE = $205000

Now,

Stockholders' equity at the end of the year

=  Net income - Dividend + Assets - Liabilities

$205000  = Net income - $30,000 + $160,000- $75,000

∴ Net income = $205,000 - $55000 = $150,000

Hence,The net income reported by Maxwell Flooring for the year = $150,000  

can you add an image ?

step-by-step explanation:

f(x) is the value of the function. b is the value of the function when x equals zero or the y-coordinate of the point where the line crosses the y-axis in the coordinate plane.

step-by-step explanation:

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