The following are all changes in the account balances of Bravar Company Ltd. during the current year,

Question:

The following are all changes in the account balances of Bravar Company Ltd. during the current year, except for Retained Earnings:

Instructions
Calculate 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 ofS19,000, which was paid in the current year.

Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...