# At the beginning of the current fiscal year, the balance sheet of Hughey, Inc., showed...

## Question:

At the beginning of the current fiscal year, the balance sheet of Hughey, Inc., showed stockholders' equity of $510,000. During the year, liabilities increased by$22,000 to $228,000; paid-in capital increased by$33,000 to $178,000; and assets increased by$263,000. Dividends declared and paid during the year were $57,000. Required: Calculate net income or loss for the year. ## Net income (Loss): The income statement reports net income or net loss for a particular time period. Any net income or loss per the income statement must balance to the profit and loss on the balance sheet. ## Answer and Explanation: #### Required: Calculate net income or loss for the year. The company reported a net loss of ($31,000) for the year.

First, liabilities paid in capital,...

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