The beginning balance in total assets is $100,000 and total liability $30,000. The ending balance in total assets is $110,000 and total liability $40,000. Which of the following is possible?
a. Net income (or profit) of $10,000, no changes in the other Owners' Equity accounts.
b. Net income (or profit): $40,000; dividends paid: $40,000; no changes in other Owners' Equity accounts.
c. Net loss of $10,000, no changes in the other Owners' Equity accounts.
d. Net loss of $70,000, no changes in the other Owners' Equity accounts.
