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Question - Calculation of net income from the change in stockholders' equity
Presented below are changes in the account balances of Wenn Company during the year, except for retained earnings.
Increase (Decrease)
Cash
$29,000
Accounts payable
$34,000
Accounts receivable (net)
(13,000)
Bonds payable
(20,000)
Inventory
52,000
Common stock
72,000
Plant Assets (net)
37,000
Paid-in capital
15,000
The only entries in Retained Earnings were for net income and a dividend declaration of $12,000. Compute the net income for the current year.
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