Net income for financial statement

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Reference no: EM1313467

Calculation of owners equity and net income for financial statement.

After preparing the financial statements for the current year, the accountant for Leslies Jewel Co closed the dividends account at year-end by debiting Retained Earnings and crediting the dividends account. What is the effect of this entry on current-year net income and the balance in the owners' equity account at year-end?

Reference no: EM1313467

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