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Compute the net income for the current year

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Reference no: EM132051382

Question - Presented below are changes in the account balances of Ping Company during the year, except for retained earnings.

 

Increase(Decrease)

 

Increase(Decrease)

Cash

$25,000

Accounts payable

$35,000

Accounts receivable (net)

(13,000)

Bonds payable

(20,000)

Inventory

54,000

Common stock

75,000

Plant Assets (net)

57,000

Paid-in-capital

16,000

The only entries in Retained Earnings were for net income and a dividend declaration of $15,000.

Compute the net income for the current year using the Capital Maintenance method of income computation.

Reference no: EM132051382

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