Compute the net income for the current year

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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)

 

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.

Reference no: EM132468177

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