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Homework answers / question archive / The following are all changes in the account balances of Blue Spruce Ltd
The following are all changes in the account balances of Blue Spruce Ltd. during the current year, except for Retained Earnings:
Increase (Decrease ) Increase (Decrease ) Cash $90,000 Accounts payable $(71,900 ) Accounts receivable (net) 65,000 Unearned revenue 25,000 Inventory 163,000 Bonds payable 77,400 Investments in FV-Nl securities (28,000 ) Common shares 128,000 Contributed surplus 70,900
Calculate 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 $19,700, which was paid in the current year.
Net income for the current year $
