changes in the balance sheet account balances for the bubble 248309

Changes in the balance sheet account balances for the Bubble Bobble Co. during 2011 follow. Dividends declared during 2011 were $15,000. Calculate the net income for the year assuming that no transactions other than the dividends affected retained earnings.

Increase

(Decrease)

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 38,500

Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,000

Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (32,500)

Buildings and Equipment (net) . . . . . . . . . . . . . . . . . . . . . . . . . . 160,000

Patents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,000)

Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (45,000)

Bonds Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135,000

Capital Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000

Additional Paid-In Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000

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