Homework Answers
Year 1
Asset = $127,000
Liabilities = $32,000
Common stock = $29,000
Retained earnings = ?
Assets = liabilities + Common stock + Retained earnings
127,000 = 32,000 + 29,000 + Retained earnings
Retained earnings = $66,000
Hence, retained earnings Year 1 = $66,000
Retained earnings, year 2 = $86,000
Dividend = $31,000
Retained earnings, year 2 = Retained earnings, year 1 + Net income - Dividend
86,000 = 66,000 + Net income - 31,000
Net income = $51,000
Second option is the correct option
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