Yankee Stores of Maine experienced an increase in total assets of $14,000 during the current year. During the same time period, total liabilities increased by $2,000. Shareholders made no investments during the year and no dividends were paid. How much was Yankee's net income?

Yankee Stores of Maine experienced an increase in total assets of $14,000 during the current year. During the same time period, total liabilities increased by $2,000. Shareholders made no investments during the year and no dividends were paid. How much was Yankee's net income?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 9RE: For the current year, Vidalia Company reported revenues of 250,000 and expenses of 225,000. At the...

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Question

How much was Yankee's net income?

Yankee Stores of Maine experienced an increase in total assets
of $14,000 during the current year. During the same time
period, total liabilities increased by $2,000. Shareholders made
no investments during the year and no dividends were paid.
How much was Yankee's net income?

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