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2077087
2077087
18.08.2021 • 
Business

Presented below are changes in all the account balances of Nash Furniture Co. during the current year, except for retained earnings. Increse Decrease Increse Decrease
Cash $70,400 Accounts Payable $51,060
Accounts Receivable 53,100 Bonds Payable 84,740
Inventory 127,400 Common Stock 127,600
Investments (47,150) Paid-In Capital in Excess of Par-Common Stock 13,620

Required:
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 $28,470 which was paid in the current year.

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