Presented below are changes in all the account balances of Fritz Mayhew Furniture Co. during the current year, except for retained earnings. Increase(Decrease) Cash $ 79,000 Accounts Receivable (net) 45,000 Inventory 127,000 Investments (47,000) Accounts Payable $(51,000) Bonds Payable 82,000 Common Stock 125,000 Paid-In Capital in Excess of Par— Common Stock 13,000 Instructions 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.
Presented below are changes in all the account balances of Fritz Mayhew Furniture Co. during the current year, except for retained earnings. Increase(Decrease) Cash $ 79,000 Accounts Receivable (net) 45,000 Inventory 127,000 Investments (47,000) Accounts Payable $(51,000) Bonds Payable 82,000 Common Stock 125,000 Paid-In Capital in Excess of Par— Common Stock 13,000 Instructions 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Presented below are changes in all the account balances of Fritz Mayhew Furniture Co. during the current year, except for
| Increase (Decrease) |
|
| Cash | $ 79,000 |
| 45,000 | |
| Inventory | 127,000 |
| Investments | (47,000) |
| Accounts Payable | $(51,000) |
| Bonds Payable | 82,000 |
| Common Stock | 125,000 |
| Paid-In Capital in Excess of Par— Common Stock |
13,000 |
Instructions
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.
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