Solution-Calculate net income, Presented below are changes

Calculate net income

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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

Reference no: EM131206224

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Calculate net income

Reference no: EM131206224

Reference no: EM131206224

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