Solution-Calculate net income or loss for the year

Calculate net income or loss for the year

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Reference no: EM13552728

Calculate net income At the beginning of the current fiscal year, the balance sheet of Hughey, Inc., showed owners' equity of $520,000. During the year, liabilities increased by $21,000 to $234,000; paid-in capital increased by $40,000 to $175,000; and assets increased by $260,000. Dividends declared and paid during the year were $55,000.

Required:

Calculate net income or loss for the year.

						OE
	A	=	L	+	PIC	+	RE
Beginning	$	=		+		+
Changes		=		+		+
Ending		=		+		+

Reference no: EM13552728

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Calculate net income or loss for the year

Reference no: EM13552728

Reference no: EM13552728

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