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

Q : What might congress do to stabilize aggregate demand

Q : What are the dividends per share payable

Q : Explain aggregate price level has remained unchanged in us

Q : What was the service cost for the year

Q : What was net income for 2011

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What was net income for 2011

Reference No:- TGS065752

Recent Questions Asked Accounting Basics

Q : What might congress do to stabilize aggregate demand

Q : What are the dividends per share payable

Q : Explain aggregate price level has remained unchanged in us

Q : What was the service cost for the year

Q : What was net income for 2011

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Q : What was centipede''s income tax payable currently

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