(Computation of Net Income) Presented below are changes in all the account balances of Fritz Reiner 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 $19,000 which was paid in the current year.

Transcribed Image Text:

Cash Accounts Receivable (net) Inventory Investments Increase (Decrease) Increase (Decrease) $ 79,000 Accounts Payable $(51,000) 45,000 Bonds Payable 82,000 127,000 Common Stock 125,000 (47,000) Additional Paid-in Capital 13,000