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Compute the net income for the current year

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Reference no: EM132450446

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

 

Increase (Decrease)

 

Increase (Decrease)

Cash

$29,870

Accounts payable

$32,490

Accounts receivable (net)

(18,560)

Bonds payable

(19,950)

Inventory

52,340

Common stock

63,540

Plant assets (net)

47,260

Paid-in capital

15,870

The only entries in Retained Earnings were for net income and a dividend declaration of $16,560.

Required - Compute the net income for the current year.

Reference no: EM132450446

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