need help with accounting problem?

Question

5. A Corporation was started when a group of people invested $20,000 in it. During the first four years of A Corporation’s existence, it had net income of $20,000 each year, In year five, A Corporation had a net loss of $20,000. During these same years, it paid dividends of $10,000, $15,000, $15,000, $10,000, and $ 0. At the end of year 5, the company’s balance sheet showed total liabilities of $10,000. A Corporation’s total assets at the end of year five were:
A) $40,000. B) $20,000. C) $80,000. D) $60,000. E) none of the above.

please explain why the answer is 40,000

Answer 1

$ 20000 Beginning Equity (amount invested at start up)
$ 80000 Plus: Net Income Years 1-4 ($20000 x 4)
($20000) Less: Net Loss Year 5
($50000) Less: Dividends Paid
$ 30000 Equals: Ending Balance In Equity Accounts

By Rule: Assets = Liabilites + Equity
Assets = $10000 + $30000
Assets = $40000

Answer 2

It isn't...

Answer 3

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