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Compute the net income for the current year assuming that

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Presented below are changes in all the account balances of Jackson Furniture Co. during the current year, except for retained earnings.

  • Cash $69,000
  • Accounts Receivable (net) $45,000
  • Inventory $127,000
  • Investments ($47,000)
  • Accounts Payable ($51,000)
  • Bonds Payable $82,000
  • Common Stock $125,000
  • Additional Paid-In Capital $13,000

Compute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for the net income and a dividend declaration of $24,000 which was paid in the current year.

 

Reference no: EM13597031

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