he following are changes in all account balances of Concord Furniture during the current year, except for retained earnings. Increase(Decrease) Increase(Decrease)Cash £ 75,900 Accounts Payable £( 56,100)Accounts Receivable (net) 49,500 Bonds Payable 90,200 Inventory 139,700 Share Capital—Ordinary 151,800 Investments ( 51,700) 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 £ 26,400 which was paid in the current year.Net income

Retained earning means amount of profit remain after all the adjustment of expense and adjustments.…

Answered: he following are changes in all account…

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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he following are changes in all account balances of Concord Furniture during the current year, except for retained earnings.

	Increase (Decrease)			Increase (Decrease)
Cash	£ 75,900		Accounts Payable		£( 56,100	)
Accounts Receivable (net)	49,500		Bonds Payable		90,200
Inventory	139,700		Share Capital—Ordinary		151,800
Investments	( 51,700	)

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 £ 26,400 which was paid in the current year.

Net income

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