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Compute the net income for the current year

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Reference no: EM131758099

Presented below are changes in the account balances of Wenn Company during the year, except for retained earnings.

Increase
(Decrease)		 Increase
(Decrease)
Cash
 $28,970  Accounts payable $35,150 
Accounts receivable (net)
 (18,080) Bonds payable
 (19,640)
Inventory
 51,480  Common stock
 62,000 
Plant assets (net)
 46,350  Paid-in capital 16,250 

 

The only entries in Retained Earnings were for net income and a dividend declaration of $17,380.

(a) Compute the net income for the current year.

Reference no: EM131758099

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