1. (Computation of Net Income) Presented below are changes in all the account balances of Fritz Reiner Furniture Co. during the current year, except for retained earnings.Increase Increase(Decrease) (Decrease)
Cash $ 79,000 Accounts Payable $(51,000)
Accounts Receivable (net) 45,000 Bonds Payable 82,000
Inventory 127,000 Common Stock 125,000
Investments (47,000) Additional Paid-in Capital 13,000
Compute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a dividend declaration of $19,000 which was paid in the current year.