The changes in account balances for Allen Inc. for 2021 are as follows: Assets 260,000 debit Common stock 160,000 credit Liabilities 66,000 credit Paid-in capital-excess of par 22,000 credit Assuming the only changes in retained earnings in 2021 were for net income and a S39,000 dividend, what was net income for 2021? Multiple Choice • 27,000. • 2,000. • 51,000. • $12,000.
The changes in account balances for Allen Inc. for 2021 are as follows: Assets 260,000 debit Common stock 160,000 credit Liabilities 66,000 credit Paid-in capital-excess of par 22,000 credit Assuming the only changes in retained earnings in 2021 were for net income and a S39,000 dividend, what was net income for 2021? Multiple Choice • 27,000. • 2,000. • 51,000. • $12,000.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 54CE
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![The changes in account balances for Allen Inc. for 2021 are as follows:
Assets
260,000
debit
Common stock
160,000
credit
Liabilities
66,000
credit
Paid-in capital-excess of par
22,000
credit
Assuming the only changes in retained earnings in 2021 were for net income and a $39,000 dividend, what
was net income for 2021?
Multiple Choice
• S27,000.
• $22,000.
• 551,000.
• $12,000.
%24](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc1c74ba3-fdef-447f-ab25-4c64e7e78a42%2F8a1e34f3-25c6-47d9-9e57-17b5b073e247%2Fxpvkxtr_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The changes in account balances for Allen Inc. for 2021 are as follows:
Assets
260,000
debit
Common stock
160,000
credit
Liabilities
66,000
credit
Paid-in capital-excess of par
22,000
credit
Assuming the only changes in retained earnings in 2021 were for net income and a $39,000 dividend, what
was net income for 2021?
Multiple Choice
• S27,000.
• $22,000.
• 551,000.
• $12,000.
%24
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