E4-16B (Computation of Net Income) Presented below are ending balances in all the account balances of Jones Appliance Center during the current year, except for retained earnings. (All accounts have normal balances.)
Cash $ 5,000
Accounts Receivable (net) 15,000
Inventory 22,000
Accounts Payable 5,000
Short-term Notes Payable 8,000
Equipment (net) 35,000
Building (net) 25,000
Bonds Payable 40,000
Common Stock 15,000
Additional Paid-in Capital 20,000
4 • Chapter 4 Income Statement and Related Information
(L0 4)
(L0 3,
8)
(L0 7,
8)
(L0 2,
4, 5,
6, 7,
8)
(L0 7)
Instructions
Compute the net income for the current year. Beginning Retained Earnings was $10,000. There were no
entries in the Retained Earnings account except for net income and a dividend declaration of $3,000 which was paid in the current year
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