Total assets were $96,000 and total liabilities were $54,000 at the beginning of the year. Net income for the year was $16,000, and dividends of $4,000 were declared and paid during the year. Calculate total stockholders’ equity at the end of the year. Indicate the financial statement effect.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Total assets were $96,000 and total liabilities were $54,000 at the beginning of the year. Net income for the year was $16,000, and dividends of $4,000 were declared and paid during the year.

Calculate total stockholders’ equity at the end of the year. Indicate the financial statement effect.

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