Reference no: EM132808963
Presented below are changes in the account balances of Sassy Company during the year, except for retained earnings.
Increase Increase
(Decrease) (Decrease)
Cash $29,000 Accounts payable $34,000
Accounts receivable (net) (18,000) Bonds payable (20,000)
Inventory 52,000 Common stock 62,000
Plant assets (net) 57,000 Paid-in capital 16,000
The only entries in Retained Earnings were for net income and a dividend declaration of $17,000.
Problem A. Compute the net income for the current year.
Problem B. Explain what else can affect the Retained Earnings account.
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