Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Presented below are changes (in thousands) in the account balances of ABC Company during the year, except for retained earnings. Change Change Cash $ 25,000

Presented below are changes (in thousands) in the account balances of ABC Company during the year, except for retained earnings.

Change Change

Cash $ 25,000 Accounts payable $ 34,000

Accounts receivable (net) (13,000) Bonds payable (20,000)

Inventory 52,000 Share capital 72,000

Plant assets (net) 37,000 Share premium 16,000

The only entries in Retained Earnings were for net income and a dividend declaration of $10,000.

Question:

Compute the net income for the year.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Payroll Accounting 2022

Authors: Bernard J. Bieg, Judith A. Toland

32nd Edition

0357518756, 9780357518755

More Books

Students also viewed these Accounting questions

Question

In problem, solve each equation. log(x 2 + 3) = log(x + 6)

Answered: 1 week ago