Question
Presented below are changes in the account balances of Al-Othman Company during the year, except for Retained Earnings. The only entries in Retained Earnings were
Presented below are changes in the account balances of Al-Othman Company during the year, except for Retained Earnings. The only entries in Retained Earnings were for net income and dividends. Al-Othman declared dividends of $8,250 and paid dividends of $11,000 during the year. Calculate Net Income.
| Account | Change during year |
| Cash | $81,000 |
| Accounts payable | 34,000 |
| Accounts receivable (net) | 30,000 |
| Accrued Expenses | 27,000 |
| Accumulated OCI | -19,000 |
| Additional paid-in capital | 16,000 |
| Bonds payable | -20,000 |
| Common stock | 72,000 |
| Held-to-Maturity Bonds | -15,000 |
| Inventory | 42,000 |
| Long Term Prepaids | 21,000 |
| Non controlling Interest | -2,000 |
| Plant Assets (net) | -25,000 |
| Unearned Revenues | -13,000
|
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Contemporary Engineering Economics
Authors: Chan S. Park
5th edition
136118488, 978-8120342095, 8120342097, 978-0136118480
