Copyright

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,...

See full answer below.

Become a Study.com member to unlock this answer! Create your account

View this answer

Learn more about this topic:

Loading...
What Is Net Income? - Definition & Formula

from OSAT Business Education (CEOE) (040): Practice & Study Guide

Chapter 69 / Lesson 5
63K

Related to this Question

Explore our homework questions and answers library