Question: Presented below are changes in the account balances of Wenn Company during the year, except for retained earnings.
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Increase (Decrease)
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Increase (Decrease)
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Cash
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$29,870
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Accounts payable
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$32,490
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Accounts receivable (net)
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-18,560
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Bonds payable
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-19,950
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Inventory
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52,340
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Common stock
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63,540
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Plant assets (net)
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47,260
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Paid-in capital
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15,870
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The only entries in Retained Earnings were for net income and a dividend declaration of $16,560.
Required: Compute the net income for the current year.
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