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Calculate the net income for last year

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Reference no: EM132536530

Question - Presented below is selected information pertaining to Pineapple Enterprises Ltd. for last year:

Account Increase (Decrease)

Cash $22,000

Accounts Receivable (net) (9,000)

Inventory 48,000

Plant Assets (net) 24,000

Accounts Payable 28,000

Bonds Payable (14,000)

Common Shares 72,000

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

Required - Calculate the net income for last year.

Reference no: EM132536530

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