Changes in Allen Inc. account balances for 2011 are as follows: Assets $225,000 Debit Common Stock 125,000 Credit Liabilities 80,000 Credit Paid-in capital–excess par 15,000 credit -in capital–excess par 15,000 credit Assuming that the only changes in retained earnings in 2011 were for net income and a $25,000 dividend, what was net income for 2011?

Sep 8, 2023

Changes in Allen Inc. account balances for 2011 are as follows:
Assets $225,000 Debit
Common Stock 125,000 Credit
Liabilities 80,000 Credit

Paid-in capital–excess par 15,000 

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Changes in Allen Inc. account balances for 2011 are as follows: Assets $225,000 Debit Common Stock 125,000 Credit Liabilities 80,000 Credit Paid-in capital–excess par 15,000 credit -in capital–excess par 15,000 credit Assuming that the only changes in retained earnings in 2011 were for net income and a $25,000 dividend, what was net income for 2011?
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credit -in capital–excess par 15,000 credit

Assuming that the only changes in retained earnings in 2011 were for net income and a $25,000 dividend, what was net income for 2011?

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