At the beginning of the current fiscal year, the balance sheet of Hughey, Inc., showed stockholders' equity of $260,000. During the year, liabilities increased by $11,000 to $116,000; paid-in capital increased by $20,000 to $90,000; and assets increased by $130,000. Dividends declared and paid during the year were $28,000.

Required:

Calculate net income or loss for the year.

					Stockholders’ Equity
	Assets	=	Liabilities	+	PIC	+	RE
Beginning		=		+		+		$260,000 SE
Changes	130,000	=	11,000	+	20,000	+
Ending		=	$116,000	+	$90,000	+

Answer rating: 100% (QA)

Assets Liabilities PIC RE Beginning ... View the full answer