Problem: Calculation of net income from the change in stockholders' equity
Presented below are changes in the account balances of Wenn Company during the year, except for retained earnings.
|
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Increase (Decrease)
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Increase (Decrease)
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Cash
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$29,000
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Accounts payable
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$34,000
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Accounts receivable (net)
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-13,000
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Bonds payable
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-20,000
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|
Inventory
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52,000
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Common stock
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72,000
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Plant Assets (net)
|
37,000
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Paid-in capital
|
15,000
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The only entries in Retained Earnings were for net income and a dividend declaration of $12,000. Compute the net income for the current year.
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