Solution-Calculate net income for the year

Calculate net income for the year

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Reference no: EM133115612

Question - Determining Retained Earnings and Net Income - The following information appears in the records of Becker Corporation at year-end:

Accounts Receivable	$32,000	Retained Earnings	$?
Accounts Payable	12,000	Supplies	8,000
Cash	7,000	Equipment, net	145,000
Common Stock	115,000

Required -

a. Calculate the balance in Retained Earnings at year-end.

b. If the amount of the retained earnings at the beginning of the year was $38,000 and $13,000 in dividends is paid during the year, calculate net income for the year.

Reference no: EM133115612

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Calculate net income for the year

Reference no: EM133115612

Reference no: EM133115612

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