Compute the net income for the current year assuming that, Ask an Expert

Accounting

Increase (Decrease)
Cash $84,920 Accounts Payable $(52,160)
Accounts Receivable (net) 52,530 Bonds Payable 90,930
Inventory 135,210 Common Stock 131,620
Investments (47,680) Additional Paid-in Capital 17,380

Compute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a dividend declaration of $22,590 which was paid in the current year.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M973844

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