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Exhibit 2-1 Refer to Exhibit 2-1

Question 60

Multiple Choice

Exhibit 2-1  Total Liabilities  Total Assets $60,000$100,000 Beginning of the year $325,000$500,000 End of the year \begin{array}{lll}\text { Total Liabilities } & \text { Total Assets } & \\\$ 60,000 & \$ 100,000 & \text { Beginning of the year } \\\$ 325,000 & \$ 500,000 & \text { End of the year }\end{array}
Refer to Exhibit 2-1. What is net income, assuming no stock was issued and no dividends were paid?


A) $215,000
B) $175,000
C) $135,000
D) $40,000

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