Question
E4.2 (L02) Computation of Net Income). The following are changes in all account balances of Jackson...
E4.2 (L02) Computation of Net Income). The following are changes in all account balances of Jackson Furniture Co. during the current year, except for retained earnings. Increase (Decrease) Cash £ 69,000 Accounts Receivable (net) 45,000 Inventory 127,000 Investments (47,000) Accounts Payable £ (51,000) Bonds Payable 82,000 Share Capital-Ordinary 138,000 Instructions 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 £24,000 which was paid in the current year.
Answers
The answer has been presented in the supporting sheet. All the parts has been solved with detailed explanation and format. For detailed answer refer to the supporting sheet.
A B C D E F G H I J Answer Net Income = increase in cash +increase in account receivable increase in inventory- decrease in investments+decrease in account payable-increase in bond payable - increase in share capital + dividend paid Net income = 69000+45000+127000-47000+51000-82000-138000+24000 = $ 49000 - Thus the net income = $49000 - The correct answer net income = $ 49000 1 For any help please comment in the comment box Thank You
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