Changes in Allen Inc. account balances for 2011 are as follows:
Assets $225,000 Debit
Common Stock 125,000 Credit
Liabilities 80,000 Credit

Paid-in capital--excess par 15,000 

credit -in capital--excess par 15,000 credit

Assuming that the only changes in retained earnings in 2011 were for net income and a $25,000 dividend, what was net income for 2011?

Answer rating: 100% (QA)

To find the net income for 2011 we can use the accounting equation Assets Liabilities Equity Equity ... View the full answer