(Answered) Question - presented below are changes in the account

Accounting

Question - Presented below are changes in the account balances of Ping Company during the year, except for retained earnings.

	Increase(Decrease)		Increase(Decrease)
Cash	$25,000	Accounts payable	$35,000
Accounts receivable (net)	(13,000)	Bonds payable	(20,000)
Inventory	54,000	Common stock	75,000
Plant Assets (net)	57,000	Paid-in-capital	16,000

The only entries in Retained Earnings were for net income and a dividend declaration of $15,000.

Compute the net income for the current year using the Capital Maintenance method of income computation.

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