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The following accounts were taken from Happy Company's balance sheets for 2026: Cash Land Notes payable Retained earnings Supplies Accounts payable Equipment Patent Accounts receivable Common stock Mortgage payable Copyright Inventory Rent expense Income tax expense Net income January 1 $20,000 $57,000 .... $36,000 $33,000 $11,000 $42,000 $28,000 $18,000 $56,000 $83,000 $77,000 $32,000 $49,000 December 31 $17,000 ? Happy Company's income statement for 2026 appears below: Sales revenue $236,000 Cost of goods sold Salaries expense $48,000 $51,000 $19,000 $23,000 $36,000 $ 58,000 $ 33,000 $ 21,000 $43,000 $97,000 $81,000 $32,000 $65,000 The following additional information is available: 1. Dividends declared by Happy Company during 2026 were equal to 28% of the net income for 2026. 2. Total intangible assets at December 31, 2026 were equal to $81,000. Calculate Happy Company's net income for 2026.

The following accounts were taken from Happy Company's balance sheets for 2026: Cash Land Notes payable Retained earnings Supplies Accounts payable Equipment Patent Accounts receivable Common stock Mortgage payable Copyright Inventory Rent expense Income tax expense Net income January 1 $20,000 $57,000 .... $36,000 $33,000 $11,000 $42,000 $28,000 $18,000 $56,000 $83,000 $77,000 $32,000 $49,000 December 31 $17,000 ? Happy Company's income statement for 2026 appears below: Sales revenue $236,000 Cost of goods sold Salaries expense $48,000 $51,000 $19,000 $23,000 $36,000 $ 58,000 $ 33,000 $ 21,000 $43,000 $97,000 $81,000 $32,000 $65,000 The following additional information is available: 1. Dividends declared by Happy Company during 2026 were equal to 28% of the net income for 2026. 2. Total intangible assets at December 31, 2026 were equal to $81,000. Calculate Happy Company's net income for 2026.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following accounts were taken from Happy Company's balance sheets for 2026: Cash Land Notes payable Retained earnings Supplies Accounts payable Equipment Patent Accounts receivable Common stock Mortgage payable Copyright Inventory Rent expense Income tax expense Net income January 1 $20,000 $57,000 .... $36,000 $33,000 $11,000 $42,000 $28,000 $18,000 $56,000 $83,000 $77,000 $32,000 $49,000 December 31 $17,000 Happy Company's income statement for 2026 appears below: Sales revenue $236,000 Cost of goods sold Salaries expense $48,000 $51,000 $19,000 $23,000 $36,000 $ 58,000 $ 33,000 $ 21,000 $43,000 $97,000 $81,000 $32,000 $65,000 The following additional information is available: 1. Dividends declared by Happy Company during 2026 were equal to 28% of the net income for 2026. 2. Total intangible assets at December 31, 2026 were equal to $81,000. Calculate Happy Company's net income for 2026.
Transcribed Image Text:The following accounts were taken from Happy Company's balance sheets for 2026: Cash Land Notes payable Retained earnings Supplies Accounts payable Equipment Patent Accounts receivable Common stock Mortgage payable Copyright Inventory Rent expense Income tax expense Net income January 1 $20,000 $57,000 .... $36,000 $33,000 $11,000 $42,000 $28,000 $18,000 $56,000 $83,000 $77,000 $32,000 $49,000 December 31 $17,000 Happy Company's income statement for 2026 appears below: Sales revenue $236,000 Cost of goods sold Salaries expense $48,000 $51,000 $19,000 $23,000 $36,000 $ 58,000 $ 33,000 $ 21,000 $43,000 $97,000 $81,000 $32,000 $65,000 The following additional information is available: 1. Dividends declared by Happy Company during 2026 were equal to 28% of the net income for 2026. 2. Total intangible assets at December 31, 2026 were equal to $81,000. Calculate Happy Company's net income for 2026.
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