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Presented below are changes in all the account balances of Jackson Furniture Co. during the current year, except for retained earnings.

Increase (Decrease) Increase (Decrease)
Cash $69,000 Accounts Payable $(51,000)
Accounts Receivable (net) 45,000 Bonds Payable 82,000
Inventory 127,000 Common Stock 125,000
Investments (47,000) Additional Paid-in Capital 13,000

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 $24,000 which was paid in the current year.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M988621

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