Solution-Compute the net income for the current year

Compute the net income for the current year

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Reference no: EM131728857

Question - Presented below are changes in the account balances of Wenn Compnay during the year, expect for ratained earnings.

	Inceease (Decrease)		Inceease (Decrease)
Cash	$29,870	Ccounts payable	$32,490
Accounts receivable (net)	(18,560)	Bonds payable	(19,950)
Inventory	52,340	Common stock	63,540
Plant assets (net)	47,260	Paid in capital	15,870

The only entries in Retained Earnings were for net income and a dividend declaration of $16,560.

Required - Compute the net income for the current year.

Reference no: EM131728857

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Compute the net income for the current year

Reference no: EM131728857

Reference no: EM131728857

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