Solution:
Change in assets= 28,860-17,010+52,010+46,730= 110,590(increase)
Change in liabilities= 32,580-19,620=12,960 (increase)
Change in stockholders equity= 110,590-12,960 = 97,630
Net increase= 97,630
Change in common stock= 63,760
Additional paid in capital= 15,390
Net increase accounted for = 63,760-15,390= 48,370
Increase in retained earnings (net income)= 32560
Compute the net income for the current year.
Net income $32560
