Information for Mozart Company's first year of operations is presented below:
What was Mozart's net income for the year?
A) $20,000
B) $30,000
C) $60,000
D) Cannot be determined from the information given.
B) $30,000
Explanation: beginning RE $0 + net income – dividends $10,000 = ending RE $20,000; for algo – solve for X with net income in all variations (or dividends plus ending RE since beginning RE is $0) = ($20,000 + $10,000 = $30,000)
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