Presented below are changes in all the account balances of Blossom Furniture Co. during the current year, except for retained earnings. Cash Accounts Receivable (net) Inventory Investments Increase (Decrease) $70,960 51,200 134,200 (47,850) Accounts Payable Bonds Payable Common Stock Paid-In Capital in Excess of Par-Common Stock Increase (Decrease) $(52,120) 84,090 127,800 15.390 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 $26,090 which was paid in the current year.
Presented below are changes in all the account balances of Blossom Furniture Co. during the current year, except for retained earnings. Cash Accounts Receivable (net) Inventory Investments Increase (Decrease) $70,960 51,200 134,200 (47,850) Accounts Payable Bonds Payable Common Stock Paid-In Capital in Excess of Par-Common Stock Increase (Decrease) $(52,120) 84,090 127,800 15.390 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 $26,090 which was paid in the current year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Subject: acounting
Transcribed Image Text:Presented below are changes in all the account balances of Blossom Furniture Co. during the current year, except for retained
earnings.
Cash
Accounts Receivable (net)
Inventory
Investments
Net income
Increase
(Decrease)
$70,960
51,200
$
134,200
(47,850)
Accounts Payable
Bonds Payable
Common Stock
Paid-In Capital in Excess of Par-Common Stock
Increase
(Decrease)
$(52,120)
84,090
127,800
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 $26,090 which was paid in the current year.
15,390
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