At the beginning of the current fiscal year, the balance sheet of Hughey Incorporated showed stockholders' equity of $520,000. During the year, liabilities increased by $21,000 to $225,000, paid-in capital increased by $38,000 to $171,000, and assets increased by $264,000. Dividends declared and paid during the year were $57,000. Required: Calculate net income or loss for the year. Note: Amounts to be deducted should be indicated with a minus sign.
At the beginning of the current fiscal year, the balance sheet of Hughey Incorporated showed stockholders' equity of $520,000. During the year, liabilities increased by $21,000 to $225,000, paid-in capital increased by $38,000 to $171,000, and assets increased by $264,000. Dividends declared and paid during the year were $57,000. Required: Calculate net income or loss for the year. Note: Amounts to be deducted should be indicated with a minus sign.
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter16: Financial Statement Analysis
Section: Chapter Questions
Problem 6E: The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal...
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