Question
The changes in account balances for Elder Company for 2021 are as follows: Assets $ 480,000 debit Common stock 235,000 credit Liabilities 155,000 credit Paid-in
The changes in account balances for Elder Company for 2021 are as follows:
| Assets | $ | 480,000 | debit |
| Common stock | 235,000 | credit | |
| Liabilities | 155,000 | credit | |
| Paid-in capitalexcess of par | 15,000 | credit | |
Assuming the only changes in retained earnings in 2021 were for net income and a $56,000 dividend, what was net income for 2021?
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Accounting Essentials For Hospitality Managers
Authors: Chris Guilding, Kate Mingjie Ji
4th Edition
1032024321, 9781032024325
