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The following information pertains to the next four questions. At the beginning of 2010, X Company had assets of $300, liabilities of $150, and common stock of $50. During 2010 the company earned revenue of $400, incurred expenses of $250, and paid dividends of $100. All transactions were cash transactions.the amount of net income reported on the 2010 income statement would be? a. 400b. 150c. 50d. none of the above

CHAPTER 1 – Review Questions & SolutionsThe following information pertains to the next four questions. At the beginning of 2010, XCompany had assets of $300, liabilities of $150, and common…