Question: Presented here is information for Edo, Inc. for the year ended August 31, 2013. Edo, Inc. Beginning: Assets .......... $ 99,000 Liabilities .......... 15,000 Ending:

Presented here is information for Edo, Inc. for the year ended August 31, 2013.

Edo, Inc.

Beginning:

Assets .......... $ 99,000

Liabilities .......... 15,000

Ending:

Assets ..........$164,000

Liabilities ........ 70,000

Shareholders’ Equity:

Sale of Shares ...... $ 17,000

Payment of Dividends ... 55,000

Requirements

1. What is the beginning shareholders' equity of Edo, Inc.?

2. What is the ending shareholders’ equity of Edo, Inc.?

3. What is the net income or net loss for the year?

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