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.