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Ex. 4-119—Calculation of net income from the change in stockholders' equity. Presented below are changes in the account balances of Wenn Company during the year, except
for retained earnings. Increase Increase
IDecrease) IDecrease)
Cash $29,000 Accounts payable $34,000
Accounts receivable (net) (13,000) Bonds payable (20,000)
Inventory 52,000 Common stock 72,000
Plant Assets (net) 37,000 Paid-in capital 15,000 The only entries in Retained Earnings were for net income and a dividend declaration of $12,000. Compute the net income for the current year.

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For calculating the amount of profit for the year we forst have to calculate final increase... View the full answer

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