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

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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

Image Transcription

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

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