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Question 3 Changes in account balances of Multi-Plus Inc. during 2012 were:

Question 3

 

Changes in account balances of Multi-Plus Inc. during 2012 were:


Increase

Assets                                             $420,000

Liabilities                                           125,000

Capital Stock                                    100,000

Additional Paid-In Capital                140,000

Retained Earnings                                   ?


Assuming that there were no charges to retained earnings other than dividends of $62,000, the net income for 2010 was:

a.($7,000)

b.$55,000

c.$117,000

d.$257,000

e.none of the answers are correct

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Increase in Retained = Assets - liability - capital stock -... View the full answer

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