The following are all changes in the account balances of Chili Lime Ltd. during the current year, except for Retained Earnings: Increase(Decrease ) Increase(Decrease ) Cash $76,000 Accounts payable $(64,000 ) Accounts receivable (net) 59,000 Unearned revenue 18,000 Inventory 140,000 Bonds payable 69,000 Investments in FV-NI securities (23,000 ) Common shares 105,000 Contributed surplus 63,000 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 $16,000, which was paid in the current year. Net income for the current year $enter the Net income for the current year in dollars
The following are all changes in the account balances of Chili Lime Ltd. during the current year, except for Retained Earnings: Increase(Decrease ) Increase(Decrease ) Cash $76,000 Accounts payable $(64,000 ) Accounts receivable (net) 59,000 Unearned revenue 18,000 Inventory 140,000 Bonds payable 69,000 Investments in FV-NI securities (23,000 ) Common shares 105,000 Contributed surplus 63,000 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 $16,000, which was paid in the current year. Net income for the current year $enter the Net income for the current year in dollars
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The following are all changes in the account balances of Chili Lime Ltd. during the current year, except for
| Increase (Decrease |
) |
Increase (Decrease |
) |
|||||
|---|---|---|---|---|---|---|---|---|
|
Cash
|
$76,000 |
Accounts payable
|
$(64,000 | ) | ||||
|
|
59,000 |
Unearned revenue
|
18,000 | |||||
|
Inventory
|
140,000 |
Bonds payable
|
69,000 | |||||
|
Investments in FV-NI securities
|
(23,000 | ) |
Common shares
|
105,000 | ||||
|
Contributed surplus
|
63,000 |
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 $16,000, which was paid in the current year.
| Net income for the current year | $enter the Net income for the current year in dollars
|
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