A company's total assets increased during the period while its liabilities and common stock were unchanged. No dividends were declared or paid during the period. Which of the following would explain this situation?
A. Retained earnings were less than net income during the period.
B. The company must have purchased assets with cash during the period.
C. Revenues were greater than expenses during the period.
D. No dividends were paid during the period.
Answer: C
Business
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