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Question - Calculate E net income

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Question - Calculate E's net income

Changes in all of E's balance sheet accounts during the current year, EXCEPT the change in E's retained earnings account, follow. Compute E's net income (or net loss) for the year assuming the only two entries E made to her retained earnings account during the year were for a cash dividend declared and paid of $30,000 and for her net income (or net loss) for the year. This is NOT a statement of cash flows problem - do NOT format it like a statement of cash flows problem; it is similar to E4.1 in your text.

Cash increased $50,000

Fixed assets decreased $75,000

Accumulated depreciation increased $10,000

Accounts payable increased $20,000

Unearned revenue decreased $ 5,000

Common stock increased $10,000

Additional paid-in-capital increased $90,000

Reference no: EM132640497

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