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The following information appears on the balance sheet of Barrel Corporation at year-end: Accounts receivable $ 11,500 Accounts payable 5,500 Supplies 4,500 Cash 4,000 Equipment
- The following information appears on the balance sheet of Barrel Corporation at year-end:
Accounts receivable $ 11,500
Accounts payable 5,500
Supplies 4,500
Cash 4,000
Equipment 79,000
Capital stock 50,000
If the beginning of year balance in retained earnings is $25,000 and $5,000 in dividends are paid during the year, net income for the year was:
- $23,500
- $28,500
- $29,000
- $24,000
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