Calculation of net income from the change in shareholders' equity Presented below are changes in selected account balances of Briefcase Inc.during last year, except for retained earnings. The only entries in Retained Earnings were for net income and a dividend declaration of $10,000. Instructions Calculate the net income for last year.

Question

Calculation of net income from the change in shareholders' equity Presented below are changes in selected account balances of Briefcase Inc.during last year, except for retained earnings.  The only entries in Retained Earnings were for net income and a dividend declaration of $10,000. Instructions Calculate the net income for last year.

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The Answer of Calculation of net income from the change in shareholders' equity Presented below are changes in selected account balances of Briefcase Inc.during last year, except for retained earnings.  The only entries in Retained Earnings were for net income and a dividend declaration of $10,000. Instructions Calculate the net income for last year.

Calculation of Net Income from the Change in Shareholders' Equity