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Calculate net income for the year

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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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