Reference no: EM132406861
Question
The following are all changes in the account balances of Chili Lime Ltd. during the current year, except for Retained Earnings:
Increase(Decrease ) Increase(Decrease )
Cash $76,000 Accounts payable $(64,000)
Accounts receivable (net) 59 ,000 Unearned revenue 18,000
Inventory 140,000 Bonds payable 69,000
Investments in FV-NI securities (23,000)Common shares 105,000
Contributed surplus 63,000
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 $16,000, which was paid in the current year.
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