The changes in account balances for Nick-Nack Company for 2021 are as follows: Assets $...
90.2K
Verified Solution
Link Copied!
Question
Accounting
The changes in account balances for Nick-Nack Company for 2021 are as follows: Assets $ 480,000 debit Liabilities 180,000 credit Common stock 250,000 credit Paid-in capital-XS par 30.000 credit Assuming the only changes in retained earnings in 2021 were for net income and a $20,000 dividend, what was net income for 2021? $60,000 $70,000 $40,000 $90,000
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
