The following are all changes in the account balances of Bramble Ltd. during the current year, except for Retained Earnings: Cash Accounts receivable (net) Inventory Investments in FV-NI securities Net income for the current year eTextbook and Media Increase (Decrease) $90,000 Save for Later 72,000 164,000 $ (29,000) Accounts payable Unearned revenue Bonds payable Common shares Contributed surplus Calculate 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 $20,000, which was paid in the current year. Increase (Decrease) $(77,900) (50100) 29,000 81,900 122,000 76,900 Attempts: 2 of 3 used Submit Answer
The following are all changes in the account balances of Bramble Ltd. during the current year, except for Retained Earnings: Cash Accounts receivable (net) Inventory Investments in FV-NI securities Net income for the current year eTextbook and Media Increase (Decrease) $90,000 Save for Later 72,000 164,000 $ (29,000) Accounts payable Unearned revenue Bonds payable Common shares Contributed surplus Calculate 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 $20,000, which was paid in the current year. Increase (Decrease) $(77,900) (50100) 29,000 81,900 122,000 76,900 Attempts: 2 of 3 used Submit Answer
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Rakesh
Transcribed Image Text:The following are all changes in the account balances of Bramble Ltd. during the current year, except for Retained Earnings:
Cash
Accounts receivable (net)
Inventory
Investments in FV-NI securities
Net income for the current year
e Textbook and Media
Increase
(Decrease)
$90,000
Save for Later
72,000
164,000
$
(29,000)
Accounts payable
Unearned revenue
Bonds payable
Common shares
Contributed surplus
Calculate 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 $20,000, which was paid in the current year.
Increase
(Decrease)
$(77,900)
29,000
(50100)
81,900
122,000
76,900
Attempts: 2 of 3 used Submit Answer
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