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Calculate the amount of net income

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Reference no: EM132828921

Question - Sawyer Company's comparative Balance Sheet at December 31, 2020 reports the following (in millions).

 

year 2020

year 2019

Total Assets

60

45

Total Liabilities

25

20

During 2020 Sawyer Company paid dividends in the amount of $7million and issued $15million of common stock. Calculate the amount of net income (loss) that Sawyer Company should report in its 2020 income statement?

a. 13 million net loss

b. 17 million net income

c. 2 million net loss

d. 2 million net income

Reference no: EM132828921

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