Assuming the only changes in retained earnings in 2009 were, Ask an Expert

Accounting

The changes in account balances for Allen Inc. for 2009 are as follows:

Assets $225,000 debit

Common Stock $125,000 credit

Liabilities $80,000 credit

Paid-in Capital - Excess of par $15,000 credit

Assuming the only changes in retained earnings in 2009 were for net income and a $25,000 dividend, what was net income for 2009?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9450764

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