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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.
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