For the current accounting year, the beginning and ending total liabilities were $15,000 and $31,000, respectively. At year-end, the owner's equity amounted to $29,000, and total assets were $21,000 larger than at the beginning of the year. If the common stock sold to owners during the year amounted to $5,000 and dividends paid to owners totaled $2,000, net income or net loss for the year was?

Answer rating: 100% (QA)

We can use the accounting equation to solve this problem Assets Liabilities Owners Equity We know that at the beginning of the year the total liabilit... View the full answer