The following are changes in all account balances of Jackson Furniture during the current year, except for retained earnings.

Instructions

Compute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a dividend declaration of £24,000 which was paid in the current year.

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Increase Increase (Decrease) (Decrease) £ 69,000 Accounts Payable Bonds Payable Cash £ (51,000) Accounts Receivable (net) 45,000 82,000 Share Capital- 127,000 Ordinary Inventory 138,000 Investments (47,000)