Question
Presented below are changes in all account balances of 123 Inc. during last year, except for retained earnings. Increase Increase (Decrease) (Decrease) Cash.................................................. $22,000 Accounts
Presented below are changes in all account balances of 123 Inc. during last year, except for retained earnings. Increase Increase (Decrease) (Decrease) Cash.................................................. $22,000 Accounts payable....................... $28,000 Accounts receivable (net).................. (9,000) Bonds payable ........................... (14,000) Inventory............................................ 48,000 Common shares......................... 72,000 Plant Assets (net).............................. 24,000 The only entries in retained earnings were for net income and a dividend declaration of $12,000. Instructions Calculate the net income for last year.
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