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(solution) Question: Presented below are changes in the account balances of


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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


 


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Sep 13, 2020

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