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Window Help ? le Disney ESPN Yahool gold-soul la women's s....hophearts Cloud Job Description Bing Yahoo Google Wikipedia Louie Company Has A Defined Benefit Pensi Chapter 18 Quiz Ortega Inc. has a defined benelt pension.. Chapter 18 Quiz Help Save & Exit Submit 2 The changes in account balances for Allen Inc. for 2018 are as follows ssets Conmon stock Liabi1ities Paid-in capital-excess of par $265,000 debit 165,000 credit 64,000 Credit 23, 000 credit Assuming the only changes in retained earnings in 2018 were for net income and a $41,000 diwidend,what was net income for 2018? Multiple Choice $54,000 $23.000 $28 000 acBook 8 2

Explanation / Answer

Retained Earnings = Assets – Common stock – Liabilities – Paid in capital,Excess of Par

= $265,000 – 165,000 – 64,000 – 23,000

= $13,000

We Know, Retained Earnings = Net Income – Dividend paid

$13,000 = Net Income – 41,000

Net Income = $13,000 + 41,000

Net Income = $54,000

“Therefore, The Net Income for 2018 = $54,000”

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