# At the beginning of the current fiscal year the balance sheet for Davis Co. showed liabilities of $320,000. During the year, tiabilities decreased by$18,000, assets increased by $65,000, and paid-in capital increased from$30,000 to $192 000 Dividends declared and paid during the year were$25,000 At the end of the year, stockholders' equity totaled \$429,000 Required: Calculate net income (or loss) for the year. (Negative amounts should be indicated by a minus sign.) Stockholders' Equity Assets Liabilities t. PIC RE 320,00030.000 + Beginning Changes et loss 65,000-(18000)+ ividends 302,000192.000+ (3429000 total SE) Ending 4:37 PM /14/2019

Question

Please explain this to me thoroughly, It's need for a homework assignment and I am completely clueless.

### Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in