Presented below are changes in the account balances of Al-Othman Company during the year, except for Retained Earnings. The only entries in Retained Earnings were for net income and dividends. Al-Othman declared dividends of $8,250 and paid dividends of $11,000 during the year. Calculate Net Income.
Account/Change during year
Cash $81,000
Accounts payable 34,000
Accounts receivable (net) 30,000
Accrued Expenses 27,000
Accumulated OCI -19,000
Additional paid-in capital 16,000
Bonds payable -20,000
Common stock 72,000
Held-to-Maturity Bonds -15,000
Inventory 42,000
Long Term Prepaids 21,000
Non controlling Interest -2,000
Plant Assets (net) -25,000
Unearned Revenues -13,000