Homework Answers
Ending balance in Retained Earnings = Beginning balance in Retained Earnings + Net Income - Dividends
$58,000 = $33,000 + Net Income - $9,000
Net Income = $33,000 - $9,000 - $58,000
Net Income = $34,000
To cross check -
Ending balance in Retained Earnings = Beginning balance in Retained Earnings + Net Income - Dividends
= $33,000 + $34,000 - $9,000
= $58,000
Therefore, the net income is $34,000.
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