Presented below are changes in all the account balances of Chris Park Furniture Co. during the current year, except for retained earnings.

Instructions
Compute 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 $60,800 which was paid in the currentyear.

Transcribed Image Text:

Increase (Decrease) Increase Decrease) Cash Accounts Receivable (net) Inventory Investments $252,800 Accounts Payable $(163,200 262,400 400,000 150,400) Additional Paid-in Capal 41,600 44,000 Bonds Payable 406,400 Common Stock