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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
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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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