Information for Snow Inc.'s first year of operations is presented below:
Revenues | $70,000 |
Retained Earnings 12/31/20XX | 14,000 |
Dividends | 7,000 |
What was Snow's net income for the year?
◦ $49,000
◦ $21,000
◦ $70,000
◦ Cannot be determined from the information given.