Current Attempt in Progress
Presented below are changes in the account balances of Sunland Company during the year, except for retaine
Increase
Increase
(Decrease)
(Decrease)
Cash
$29,200
Accounts payable
$35,800
Accounts receivable (net)
(17,100)
Bonds payable
(22,400)
Inventory
50,800
Common stock
63,200
Plant assets (net)
48,000
Paid-in capital
16,200
The only entries in Retained Earnings were for net income and a dividend declaration of $18,500.
(a)
Compute the net income for the current year.
Net income
$