ACC/421 Intermediated accounting 1

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Exercise 104 Presented below are changes in the account balances of Wenn Company during the year, except for retained earnings. Increase (Decrease) Increase (Decrease) Cash $29,440 Accounts payable $32,040 Accounts receivable (net) (17,520) Bonds payable (19,000) Inventory 52,130 Common stock 63,450 Plant assets (net) 47,570 Paid-in capital 16,770 The only entries in Retained Earnings were for net income and a dividend declaration of $16,210. (a) Compute the net income for the current year. $ Net income Don't show me this message again for the assignment