Presented below are changes in all the account balances of Chris Park Furniture Co. during the current

Question:

Presented below are changes in all the account balances of Chris Park Furniture Co. 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 $60,800 which was paid in the currentyear.

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...