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Demonstrate the net income for the current year

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Reference no: EM132503375

Presented below are changes (in thousands) in the account balances of Sha Company during the year, except for retained earnings.

Increase Increase                                          (Decrease) (Decrease)

Cash $25,000                                            Accounts payable $34,000

Accounts receivable (net) (13,000)                    Bonds payable (20,000)

Inventory 52,000                                             Share capital 72,000

Plant assets (net) 37,000                                   Share premium 16,000

  • The only entries in Retained Earnings were for net income and a dividend declaration of $10,000.

Required:

Question 1: Compute the net income for the current year.

Reference no: EM132503375

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