The following are all changes in the account balances of Sheffield Ltd. during the current year, except for Retained Earnings: Cash Accounts receivable (net) Inventory Increase (Decrease) $80,000 77,000 174,000 Accounts payable Unearned revenue Bonds payable Increase (Decrease) $(83,900) 25,000 90,900
The following are all changes in the account balances of Sheffield Ltd. during the current year, except for Retained Earnings: Cash Accounts receivable (net) Inventory Increase (Decrease) $80,000 77,000 174,000 Accounts payable Unearned revenue Bonds payable Increase (Decrease) $(83,900) 25,000 90,900
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Transcribed Image Text:The following are all changes in the account balances of Sheffield Ltd. during the current year, except for Retained Earnings:
Cash
Accounts receivable (net)
Inventory
Investments in FV-NI securities
Increase
(Decrease)
$80,000
Net income for the current year
77,000
A
174,000
(24,000)
Accounts payable
Unearned revenue
Bonds payable
Common shares
Contributed surplus
Increase
(Decrease)
$(83,900)
25,000
90,900
127,000
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 $17,300, which was paid in the current year.
82,900
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