Show me the steps to solve Skip to main contentUNIT $1$: E$2-13$; $2-15$; $2-16(15$ pt$)$AnswerSavedHelp opens in a new windowSave & ExitSubmit

Item$3$

$5$

points

Item

Skipped

eBookPrintReferencesCheck my workCheck My Work button is now enabledItem $3$

At the beginning of the current fiscal year, the balance sheet for Davis Company showed liabilities of $$160,000.$ During the year, liabilities decreased by $$9,000,$ assets increased by $$33,000,$ and paid$-$in capital increased from $$15,000$ to $$96,000.$ Dividends declared and paid during the year were $$12,000.$ At the end of the year, stockholders$$ equity totaled $$215,000.$

Required:

a$.$ Calculate net income $($or loss$)$ for the year. Indicate the financial statement effect.