The following are changes in all account balances of Jackson Furniture Co. during the current year, except for retained earnings.
Increase (Decrease)
Cash......................................................£ 69,000
Accounts Receivable (net)...............................45,000
Inventory...................................................127,000
Investments..............................................(47,000)
Accounts Payable....................................£ (51,000)
Bonds Payable.............................................82,000
Share Capital-Ordinary..............................138,000
Instructions
Compute 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 £24,000 which was paid in the current year.