The following are all changes in the account balances of Culver Ltd. during the current year, except for Retained Earnings: Increase (Decrease ) Increase (Decrease ) Cash $80,000 Accounts payable $(69,500 ) Accounts receivable (net) 63,000 Unearned revenue 23,000 Inventory 160,000 Bonds payable 76,500 Investments in FV-NI securities (26,000 ) Common shares 121,000 Contributed surplus 68,500 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 $18,800, which was paid in the current year. Net income for the current year
The following are all changes in the account balances of Culver Ltd. during the current year, except for Retained Earnings: Increase (Decrease ) Increase (Decrease ) Cash $80,000 Accounts payable $(69,500 ) Accounts receivable (net) 63,000 Unearned revenue 23,000 Inventory 160,000 Bonds payable 76,500 Investments in FV-NI securities (26,000 ) Common shares 121,000 Contributed surplus 68,500 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 $18,800, which was paid in the current year. Net income for the current year
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 Culver Ltd. during the current year, except for
| Increase (Decrease |
) |
Increase (Decrease |
) |
|||||
|---|---|---|---|---|---|---|---|---|
|
Cash
|
$80,000 |
Accounts payable
|
$(69,500 | ) | ||||
|
|
63,000 |
Unearned revenue
|
23,000 | |||||
|
Inventory
|
160,000 |
Bonds payable
|
76,500 | |||||
|
Investments in FV-NI securities
|
(26,000 | ) |
Common shares
|
121,000 | ||||
|
Contributed surplus
|
68,500 |
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 $18,800, 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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