Solution-Compute the net income for the current year

Compute the net income for the current year

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Reference no: EM131104842

1. (Computation of Net Income) Presented below are changes in all the account balances of Fritz Reiner Furniture Co. during the current year, except for retained earnings.Increase Increase(Decrease) (Decrease)

Cash $ 79,000 Accounts Payable $(51,000)
Accounts Receivable (net) 45,000 Bonds Payable 82,000
Inventory 127,000 Common Stock 125,000
Investments (47,000) Additional Paid-in Capital 13,000

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 $19,000 which was paid in the current year.

Reference no: EM131104842

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Compute the net income for the current year

Reference no: EM131104842

Reference no: EM131104842

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