Reference no: EM131221063

Presented below are changes in the account balances of Al-Othman Company during the year, except for Retained Earnings. The only entries in Retained Earnings were for net income and dividends. Al-Othman declared dividends of $8,250 and paid dividends of $11,000 during the year. Calculate Net Income.

Account/Change during year

Cash $81,000

Accounts payable 34,000

Accounts receivable (net) 30,000

Accrued Expenses 27,000

Accumulated OCI -19,000

Additional paid-in capital 16,000

Bonds payable -20,000

Common stock 72,000

Held-to-Maturity Bonds -15,000

Inventory 42,000

Long Term Prepaids 21,000

Non controlling Interest -2,000

Plant Assets (net) -25,000

Unearned Revenues -13,000