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Presents a business's comparative balance sheet that's missing the information for owners' equity. Assume that the company didn't issue additional capital stock shares during the year and didn't pay cash dividends to its shareowners during the year. Determine its net income for the year 2007.
Balance Sheets at Year-Ends 2006 and 2007
Assets
2006
2007
Changes
Cash
$456,000
$425,000
($31,000)
Accounts Receivable
$386,000
$340,000
($46,000)
Inventory
$518,000
$576,000
$58,000
Prepaid Expenses
$46,000
$52,000
$6,000
Current Assets
$1,406,000
$1,393,000
Property, Plant, & Equipment
$897,000
$1,060,000
$163,000
Accumulated Depreciation
($257,000)
($318,000)
($61,000)
Cost Less Depreciation
$640,000
$742,000
Total Assets
$2,046,000
$2,135,000
Liabilities & Owners' Equity
Accounts Payable
$246,000
$230,000
($16,000)
Accrued Expenses Payable
$204,000
$215,000
$11,000
Short-term Notes Payable
$350,000
$300,000
($50,000)
Current Liabilities
$800,000
$745,000
$125,000
Long-term Notes Payable
$400,000
$525,000
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