Question: Presented here is information for Telco, Inc. for the year ended December 31, 2013. Telco, Inc. Beginning: Assets ...........$66,000 Liabilities .......... 15,000 Ending: Assets ...........$94,000

Presented here is information for Telco, Inc. for the year ended December 31, 2013.

Telco, Inc.

Beginning:

Assets ...........$66,000

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

Ending:

Assets ...........$94,000

Liabilities .......... 28,000

Shareholders’ Equity:

Sale of Shares ........ $7,000

Payment of Dividends ..... 20,000

Requirements

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

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

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

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