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What was the net income for the year 2010

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Reference no: EM132420341

The Coolman Company was started by a group of investors on January 1, 2010 when the balance sheet was made up of total assets of $10,000 and total liabilities of $2,000.

Partial financial data for the first year of operations is as follows:

2010

Total assets (12/31) $20,000

Total liabilities (12/31) $5,000

Additional investments by owners $4,000

Cash dividends declared and paid $3000

  1. What was the net income (loss) for the year 2010
  2. What was the 12/31/2010 retained earnings balance (deficit)?

Reference no: EM132420341

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