Question
The following are all changes in the account balances of Martinez Ltd. during the current year, except for Retained Earnings: Increase (Decrease ) Increase (Decrease
The following are all changes in the account balances of Martinez Ltd. during the current year, except for Retained Earnings:
| Increase (Decrease | ) | Increase (Decrease | ) | |||||
|---|---|---|---|---|---|---|---|---|
| Cash | $100,000 | Accounts payable | $(69,000 | ) | ||||
| Accounts receivable (net) | 63,000 | Unearned revenue | 22,000 | |||||
| Inventory | 162,000 | Bonds payable | 75,600 | |||||
| Investments in FV-NI securities | (28,000 | ) | Common shares | 124,000 | ||||
| Contributed surplus | 68,000 |
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 $16,200, which was paid in the current year.
| Net income for the current year | $enter the Net income for the current year in dollars |
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Audit Of The Financial Stability Oversight Councils Designation Of Financial Market Utilities Report To The Financial Stability Oversight Council And The Congress
Authors: The Council Of Inspectors General On Financial Oversight
1st Edition
1503369331, 978-1503369337
