The December 31, 2009, balance sheet for Crow Company showed total stockholders equity of $82,500. Total stockholders

Question:

The December 31, 2009, for Crow Company showed total stockholders’ equity of $82,500. Total stockholders’ equity increased by $53,400 between December 31, 2009, and December 31, 2010. During 2010 Crow Company acquired $13,000 cash from the issue of common stock. Crow Company paid an $8,000 cash to the stockholders during 2010.
Required
Determine the amount of net income or loss Crow reported on its 2010 income statement.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...