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Calculate the net income for heys inc

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Reference no: EM132577912

Presented below are changes in selected account balances of Heys Inc. during 2019, except for retained earnings.

Increase                                                                                        Increase

(Decrease)                                                                                  (Decrease)

Cash..................................................... $22,000 Accounts payable............................ $28,000

Accounts receivable (net)......................... (9,000) Bonds payable................................ (14,000)

Inventory................................................. 48,000 Common shares................................ 72,000

Plant Assets (net)..................................... 24,000

The only entries in retained earnings were for net income and a dividend declaration of $12,000.

(show all calculation)

Question 1: Calculate the net income for 2019. (Hint: Consider change in Accounting Equation [A - L = SHE]; separate the SHE components Common Stock & Retained Earnings to compute the Net Income)

Reference no: EM132577912

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