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Question:

Presented below are changes in the account balances of Al-Othman Company during the year, except for Retained Earnings. The only entries in Retained Earnings were for net income and dividends. Al-Othman declared dividends of $8,250 and paid dividends of $11,000 during the year. Calculate Net Income.

Account

Change during year

Cash

$81,000

Accounts payable

34,000

Accounts receivable (net)

30,000

Accrued Expenses

27,000

Accumulated OCI

-19,000

Additional paid-in capital

16,000

Bonds payable

-20,000

Common stock

72,000

Held-to-Maturity Bonds

-15,000

Inventory

42,000

Long Term Prepaids

21,000

Non controlling Interest 

-2,000

Plant Assets (net)

-25,000

Unearned Revenues

-13,000

 

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