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The president of the business also serves as the chair of its board of directors. After you have determined net income for 2007 based on the balance sheet in Figure 8-1, the president tells you that he thinks $200,000 cash dividends were paid to shareowners during 2007. Based on this additional information about cash dividends, what amount of net income did the business earn in 2007?
Balance Sheets at Year-Ends 2006 and 2007
Assets
2006
2007
Changes
Cash
$700,000
$901,000
$201,000
Accounts Receivable
$500,000
$535,000
$35,000
Inventory
$780,000
$825,000
$45,000
Prepaid Expenses
$110,000
$125,000
$15,000
Current Assets
$2,090,000
$2,386,000
Property, Plant, & Equipment
$2,450,000
$2,875,000
$425,000
Accumulated Depreciation
($685,000)
($876,000)
($191,000)
Cost Less Depreciation
$1,765,000
$1,999,000
Total Assets
$3,855,000
$4,385,000
Liabilities & Owners' Equity
Accounts Payable
$350,000
$385,000
Accrued Expenses Payable
$165,000
$205,000
$40,000
Short-term Notes Payable
$625,000
Current Liabilities
$1,015,000
$1,215,000
Long-term Notes Payable
$1,000,000
$1,125,000
Owners Equity:
Capital
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