Presented below are changes in all the account balances ofWildhorse Furniture Co. during the current year, except forretained earnings.
| | Increase
(Decrease) | | | | Increase
(Decrease) |
| Cash | | $70,140 | | | Accounts Payable | | $(52,210 | ) |
| Accounts Receivable (net) | | 52,900 | | | Bonds Payable | | 82,530 | |
| Inventory | | 128,000 | | | Common Stock | | 134,900 | |
| Investments | | (48,240 | ) | | Paid-In Capital in Excess of Par—Common Stock | | 13,110 | |
Compute the net income for the current year, assuming that therewere no entries in the Retained Earnings account except for netincome and a dividend declaration of $28,270 which was paid in thecurrent year.
