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QUESTION
Partial financial data for the first year of operation is as follows:
Partial financial data for the first year of operation is as follows: 20X1 Total assets (12/31) $14,000 Total liabilities (12/31) 7,000 Additional investments by owners 1,000 Cash dividends paid 4,000 15. What was the net income (loss) for the year 20X1? A. $4,000 B. ($2,000) C. $5,000 D. ($5,000) E. $6,000 What was the retained earnings balance (deficit) on December 31, 20X1?
