What was net income for 2011, Accounting Basics

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What was net income for 2011

The changes in account balances for Allen Inc. for 2011 are as follows:
Assets $225,000 debit

Common stock 125,000 credit

Liabilities 80,000 credit

Paid-in capital--excess of par 15,000 credit

Assuming the only changes in retained earnings in 2011 were for net income and a $25,000 dividend, what was net income for 2011?

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Accounting Basics: What was net income for 2011

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Recent Questions Asked Accounting Basics

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Accounting Basics: What was net income for 2011

Reference No:- TGS065752

Recent Questions Asked Accounting Basics

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