On December 31, 2006, the net assets of Marino Manufacturing amounted to $40,000. Net income...
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Accounting
On December 31, 2006, the net assets of Marino Manufacturing amounted to $40,000. Net income calculated by using the financial capital maintenance concept amounted to $12,000. During the year, additional common stock was issued for $8,000, and $5,000 of dividends were paid. The net assets at January 1, 2006, amounted to
a. $31,000
b. $37,000
c. $20,000
d. $25,000
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