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Presented below are changes in all the account balances of Metle Cash Accounts Receivable (net) Inventory Investments Increase (Decrease) $71.670 45,600 Net income $ Accounts Payabl Bonds Payable 127.700 (47,080) Paid-in Capital in Common Stock Compute the net income for the current year, assuming that there and a dividend declaration of $28.800 which was paid in the curre

Presented below are changes in all the account balances of Metle Cash Accounts Receivable (net) Inventory Investments Increase (Decrease) $71.670 45,600 Net income $ Accounts Payabl Bonds Payable 127.700 (47,080) Paid-in Capital in Common Stock Compute the net income for the current year, assuming that there and a dividend declaration of $28.800 which was paid in the curre

FINANCIAL ACCOUNTING
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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Presented below are changes in all the account balances of Metlock Furniture Co. during the current year, except for retained earnings Increase (Decrease) Increase (Decrease) $71.670 45,600 127.700 (47,080) Cash Accounts Receivable (net) Inventory Investments Accounts Payable Bonds Payable Common Stock Paid-in Capital in Excess of Par-Common Stock Net income $ $(51,800) 84,550 134.800 14.150 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 $28.800 which was paid in the current year.
Transcribed Image Text:Presented below are changes in all the account balances of Metlock Furniture Co. during the current year, except for retained earnings Increase (Decrease) Increase (Decrease) $71.670 45,600 127.700 (47,080) Cash Accounts Receivable (net) Inventory Investments Accounts Payable Bonds Payable Common Stock Paid-in Capital in Excess of Par-Common Stock Net income $ $(51,800) 84,550 134.800 14.150 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 $28.800 which was paid in the current year.
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