earnings.CashAccounts Receivable (net)InventoryInvestmentsNet incomeIncrease(Decrease)$69,57053,800$130,500(47,390)Accounts PayableBonds PayableCommon StockPaid-In Capital in Excess of Par-Common StockCompute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for netincome and a dividend declaration of $26,900 which was paid in the current year.Increase(Decrease)$(51,240)83,080131,90015,920

Accounting equation is the equation that shows relationship between assets, liabilities and…

earnings. Cash Accounts Receivable (net) Inventory Investments Net income Increase (Decrease) $69,570 53,800 $ 130,500 (47,390) Accounts Payable Bonds Payable Common Stock Paid-In Capital in Excess of Par-Common Stock Increase (Decrease) $(51,240) 83,080 131,900 Compute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a dividend declaration of $26,900 which was paid in the current year. 15,920

earnings. Cash Accounts Receivable (net) Inventory Investments Net income Increase (Decrease) $69,570 53,800 $ 130,500 (47,390) Accounts Payable Bonds Payable Common Stock Paid-In Capital in Excess of Par-Common Stock Increase (Decrease) $(51,240) 83,080 131,900 Compute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a dividend declaration of $26,900 which was paid in the current year. 15,920

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Increase (Decrease) Increase (Decrease) Cash $79,000 Accounts Payable $(51,000) Accounts Receivable (net) 45,000 Bonds Payable 82,000 Inventory 127,000 Common Stock 125,000 Investments (47,000) Paid-In Capital in Excess of Par-Common Stock 13,000 Compute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a dividend declaration of $19,000 which was paid in the current year. Net income
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