Question
The following are all changes in the account balances of Sheffield Ltd. during the current year, except for Retained Earnings: Increase (Decrease ) Increase (Decrease
The following are all changes in the account balances of Sheffield Ltd. during the current year, except for Retained Earnings:
| Increase (Decrease | ) | Increase (Decrease | ) | |||||
|---|---|---|---|---|---|---|---|---|
| Cash | $80,000 | Accounts payable | $(83,900 | ) | ||||
| Accounts receivable (net) | 77,000 | Unearned revenue | 25,000 | |||||
| Inventory | 174,000 | Bonds payable | 90,900 | |||||
| Investments in FV-NI securities | (24,000 | ) | Common shares | 127,000 | ||||
| Contributed surplus | 82,900 |
Calculate the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a dividend declaration of $17,300, which was paid in the current year.
Net income for the current year?
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Advanced Accounting
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng
12th edition
1305084853, 978-1305464803, 130546480X, 978-1305799448, 978-1305084858
