Presente bon are changes in all the account balances of Fritz Mayhew Furmiture Co. during the current year, except for retained earnings.Increase(Decrease)$(51,000)82,000125,000Increase(Decrease)Cash$79,000Accounts PayableAccounts Receivabie (net)45,000Bonds PayableInventory127,000Commen StockInvestments(47,000)Paid-in Capital in Excess of Par-Common Stock13,000Compute 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

Computation of the net income for the current year : Working Note : Changes in Stockholders equity…

Increase (Decrease) Increase (Decrease) (S1,000) Cash $79,000 Accounts Payable Bonds Peyable Accounts Receivabie (net) Inventery 45,000 2.000 Commen Stock Paid-in Capta in Excess of Par-Common Stock 127,000 125,000 Investments (47,000) 13,000 Compute the net income for tthe current year, assuming that there were no entries in the Retaned tanings account except f et ncome and a dividend declaration of $19,000 which was paid in the current year.

Increase (Decrease) Increase (Decrease) (S1,000) Cash $79,000 Accounts Payable Bonds Peyable Accounts Receivabie (net) Inventery 45,000 2.000 Commen Stock Paid-in Capta in Excess of Par-Common Stock 127,000 125,000 Investments (47,000) 13,000 Compute the net income for tthe current year, assuming that there were no entries in the Retaned tanings account except f et ncome and a dividend declaration of $19,000 which was paid in the current year.

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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