At the end of 2012, Spencer Systems, Inc., had a fire that destroyed the majority of its

Question:

At the end of 2012, Spencer Systems, Inc., had a fire that destroyed the majority of its accounting records. Spencer was able to gather the following financial information for 2012.
a. Retained earnings was changed only as a result of net income and a $25,000 payment to Spencer€™s investors.
b. All other account changes for the year are listed below. The amount of change for each account is shown as a net increase or decrease.

Required:
Using the accounting equation, compute Spencer€™s net income for2012.

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...