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(Solved) Megn Corporation had beginning total liabilities of $40,000 and ending total liabilities of $60,000. The beginning balance in stockholders' equity...


Megn Corporation had beginning total liabilities of $40,000 and ending total liabilities of $60,000. The beginning balance in stockholders' equity was 50,000. During the year, total assets increased 35,000. In addition, capital stock of 10,000 was issued and dividends of $5,000 were declared and paid. How much was Mega's net income for the year? HINT: Use changes in the accounting equation to answer this problem.


a. $20,000 b. 15,000 c. 10,000 d. $ 5,000 e. None of these 

 


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