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How much net income did nature earn

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Reference no: EM132475159

Nature's Shop, Inc. reported the following account balances (in random order) on its balance sheet on December 31, 2019.

Accounts receivable

$25,000

Net property, plant and equipment

600,000

Cash and cash equivalent

300,000

Accounts payable

35,000

Bonds payable (3 years)

250,000

Prepaid insurance

30,000

Unearned gift card revenue

5,000

Accrued expenses payable

10,000

Merchandise inventory

150,000

Contributed capital

700,000

Retained earnings

 

Question 1: 1. If the beginning balance of Natures retained earnings account was $10,000 and Nature's declared $7,500 dividends during year 2019, how much net Income did Nature's earn during year 2019?

Reference no: EM132475159

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