Question

The December 31, 2012, balance sheet for Thomas Company showed total stockholders' equity of $156,000. Total stockholders' equity increased by $65,000 between December 31, 2012, and December 31, 2013. During 2013 Thomas Company acquired $20,000 cash from the issue of common stock. Thomas Company paid an $5,000 cash dividend to the stock- holders during 2013.

Required
Determine the amount of net income or loss Thomas reported on its 2013 income statement.



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  • CreatedOctober 12, 2013
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