Presented below are changes in the account balances of Wenn Company during the year, except for retained

Question:

Presented below are changes in the account balances of Wenn Company during the year, except for retained earnings.

Increase Increase (Decrease) (Decrease) Accounts payable Bonds payable Common stock Paid-in capital Cash Accounts receiv

The only entries in Retained Earnings were for net income and a dividend declaration of $12,000.
Compute the net income for 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...