Exercise 4-01

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

Increase (Decrease) Increase(Decrease)

Cash$ 70,710 Accounts Payable $(51,900)

Accounts Receivable (net) 45,300 Bonds Payable 82,560

Inventory 131,400 Common Stock 134,800

Investments (48,390) Paid-In Capital in Excess of ParCommon Stock 14,220

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 $25,290 which was paid in the current year.

Net income

$enter a dollar amount