There were no changes in retained earnings for 2007 except, Ask an Expert

Accounting

The following changes in Patriot Corporation's account balances occurred during 2007:

Assets-$267,000
Liabilities-81,000
Capital Stock-$198,000
Patriot paid dividends of $39,000 during the year.

There were no changes in Retained Earnings for 2007 except dividends and net income. What was Patriot's net income for 2007?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M968212

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