rachel.davis225
New member
I'd really appreciate just someone leaving the equation for how to figure this out.
PROBLEM: 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 $23,300 which was paid in the current year.
NOTE: i know it's not just the cash account, the cash + dividend, or cash - dividend.
ASSETS:
Cash
Acct Receivable (net)
Inventory
Investments
LIABILITIES AND OWNER'S EQUITY:
accounts payable
bonds payable
common stock
additional paid-in capital
Thank you for your time and helping out a fellow human!
PROBLEM: 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 $23,300 which was paid in the current year.
NOTE: i know it's not just the cash account, the cash + dividend, or cash - dividend.
ASSETS:
Cash
Acct Receivable (net)
Inventory
Investments
LIABILITIES AND OWNER'S EQUITY:
accounts payable
bonds payable
common stock
additional paid-in capital
Thank you for your time and helping out a fellow human!