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.
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Account
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Change during year
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Cash
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$81,000
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|
Accounts payable
|
34,000
|
|
Accounts receivable (net)
|
30,000
|
|
Accrued Expenses
|
27,000
|
|
Accumulated OCI
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-19,000
|
|
Additional paid-in capital
|
16,000
|
|
Bonds payable
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-20,000
|
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Common stock
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72,000
|
|
Held-to-Maturity Bonds
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-15,000
|
|
Inventory
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42,000
|
|
Long Term Prepaids
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21,000
|
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Non controlling Interest
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-2,000
|
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Plant Assets (net)
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-25,000
|
|
Unearned Revenues
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-13,000
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