Accounting Take Test: QUIZ 2, Ch 5 BS 15c
Question # 00102185
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Updated on: 09/11/2015 12:40 AM Due on: 09/18/2015
Take Test: QUIZ 2, Ch 5 BS 15c
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 $7,000 and paid dividends of $10,000 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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Solution: Accounting Take Test: QUIZ 2, Ch 5 BS 15c