Reference no: EM13829161
A company that lost part of its accounting system in a fire is having trouble determining its net income for the current year. The following correct adjusted balances and additional information for the current year are available:
Balances at Jan. 1 Balances at Dec. 31
Total assets $10,000 $27,000
Total liabilities $3,000 $8,000
Additional information for the year:
Stock dividend declared and distributed: $5,000
Share capital sold for cash $2,000
Cash dividends declared and paid: $7,000
Other than earnings and the events listed above, no other events or transactions affected shareholders' equity in the current year. What was net income for the current year?
1. $12,000
2. $14,000
3. $17,000
4. $22,000
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