Exercise 4-01

Presented below are changes in all the account balances of Bonita Furniture Co. during the current year, except for retained earnings.

		Increase (Decrease)					Increase (Decrease)
Cash		$69,420			Accounts Payable		$(51,730	)
Accounts Receivable (net)		51,000			Bonds Payable		84,980
Inventory		134,600			Common Stock		131,400
Investments		(47,650	)		Paid-In Capital in Excess of ParCommon Stock		15,240

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 $28,420 which was paid in the current year.

Net income

$enter a dollar amount