Please figure out the net income for the Ryan Company from the following projected accounting balance
Please figure out the net income for the Ryan Company from the following projected accounting balance as of
December 31:
| Accounts payable | $60,000 | Sales | $900,000 | |
| Accounts receivable | 120,000 | Capital stock | 200,000 | |
| Depreciation, factory | 12,000 | Retained earnings | ? | |
| Inventories (5/31 & 6/30) | 160,000 | Cash | 80,000 | |
| Direct materials used | 200,000 | Equipment, net | 250,000 | |
| Office salaries | 90,000 | Buildings, net | 450,000 | |
| Insurance, factory | 14,000 | Utilities, factory | 15,000 | |
| Plant wages | 120,000 | Selling expenses | 40,000 | |
| Bonds payable | 140,000 | Maintenance, factory | 30,000 |
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