Beck Company had the following accounts and balances at the end of the year. What is net income or net loss for the year?
Cash $74,000
Accounts Payable $12,000
Common Stock $21,000
Cost of Goods Sold $88,000
Dividends Declared and Paid $12,000
Operating Expenses $16,000
Accounts Receivable $0
Inventory $0
Long-term Notes Payable $33,000
Revenues $91,000
Salaries Payable $26,000
A) net income of $91,000
B) net income of $75,000
C) net loss of $13,000
D) net income of $3000
C
Explanation: C) Revenues $91,000 - Cost of Goods Sold $88,000 - Operating Expenses $16,000 = Net Loss $13,000
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