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Safari File Edit View History Bookmarks Window Help ? newconnec Disney ESPN Yahoo! gold-soul.la women's swi... shophearts iCloud Job Description Bing Yahoo Google Wikipedia Louie Company Has A Defined Benefit Pensi... Chapter 18 Quiz Ortega Inc. has a defined benefit pension Chapter 18 Quiz Help Save& ExitSubmit The changes in account balances for Elder Company for 2018 are as follows: Assets Conmon stock Liabilities Faid-in capital-excess of par $496,000 debit 238,000 credit 143,000 credit 21,000 credit Assuming the only changes in retained earnings in 2018 were for net income and a $63,000 dividend, what was net income for 2018? Multiple Choice $157.000 $94.000 $161,000 or 0 E Next > F3Explanation / Answer
Answers
A
Assets
$ 496,000.00
1
Common Stock
$ 238,000.00
2
Liabilities
$ 143,000.00
3
PIC - Excess of Par
$ 21,000.00
B = 1+2+3
Total (excluding Retained Earnings)
$ 402,000.00
C = A - B
Retained Earnings 2018 ending balance
$ 94,000.00
A
Retained Earning balance
$ 94,000.00
B
Dividends
$ 63,000.00
C = A + B
Amount of Net Income in 2018
$ 157,000.00
Correct answer
Option #1: $ 157,000
A
Assets
$ 496,000.00
1
Common Stock
$ 238,000.00
2
Liabilities
$ 143,000.00
3
PIC - Excess of Par
$ 21,000.00
B = 1+2+3
Total (excluding Retained Earnings)
$ 402,000.00
C = A - B
Retained Earnings 2018 ending balance
$ 94,000.00
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