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