Question: The December 31 2013 balance sheet for Thomas Company showed

The December 31, 2013, balance sheet for Thomas Company showed total stockholders’ equity of $156,000. Total stockholders’ equity increased by $65,000 between December 31, 2013, and December 31, 2014. During 2014 Thomas Company acquired $20,000 cash from the issue of common stock. Thomas Company paid a $5,000 cash dividend to the stockholders during 2014.

Required
Determine the amount of net income or loss Thomas reported on its 2014 income statement.




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  • CreatedMay 22, 2014
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