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The Changes in Account Balances for Allen Inc

Question 45

Multiple Choice

The changes in account balances for Allen Inc.for 2016 are as follows:
The changes in account balances for Allen Inc.for 2016 are as follows: Assuming the only changes in retained earnings in 2016 were for net income and a $25,000 dividend,what was net income for 2016? A) $30,000. B) $20,000. C) $15,000. D) $ 5,000.
Assuming the only changes in retained earnings in 2016 were for net income and a $25,000 dividend,what was net income for 2016?


A) $30,000.
B) $20,000.
C) $15,000.
D) $ 5,000.

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