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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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