None Presented below are changes in the account balances of Wenn Company during the year,except for retained earnings.Increase/(Decrease)Cash$29,000Accounts receivable (net)(18,000)Inventory52,000Plant assets (net)57,000Accounts payable$34,000(20,000)62,00016,000Bonds payableCommon stockPaid-in capitalThe only entries in Retained Earnings were for net income and a dividend declaration of$17,000.Required: Compute the net income for the current year.(DO NOT use commas or $ signs in your answer.)

Step 1:Net Income is calculated as Total Revenue - Total Expenses which is calculated in income…

Answered: Presented below are changes in the…

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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What is the net income in the current year?
Subject: acounting
What is the net income for the current year? Presented below are the changes in all the account balances of Ering Company for the current year, except for retained earnings, are as follows: Increase (Decrease) Accounts payable (171,000) 369,000 Bonds payable Share capital 562,500 Inventory 571,500 Investments (211,500) Share premium 58,500 Cash 355,500 Account receivable, net 108,000 There were no entries in the retained earnings account except for net income and a dividend declaration of P85,500 which paid in the current year. Your answer
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.

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