Compute the net income-income and dividend declaration

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Reference no: EM13155800

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

Increase (Decrease)

Cash $79,470 Accounts Payable $(56,320)

Accounts Receivable (net) 47,480 Bonds Payable 88,330

Inventory 127,320 Common Stock 130,280

Investments (56,050) Additional Paid-in Capital 16,220

Compute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a dividend declaration of $26,580 which was paid in the current year.

Reference no: EM13155800

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