At the beginning of the current fiscal year, the balance sheet of Hughey Inc. showed stockholders' equity of $527,000. During the year, liabilities increased by $24,000 to $239,000; paid-in capital increased by $33,000 to $178,000; and assets increased by $250,000. Dividends declared and paid during the year were $59,000.Required:Calculate net income or loss for the year.

Intermediate Accounting: Reporting And Analysis
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ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
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Problem 8RE: Given the following year-end information for Somerset Corporation, compute its basic earnings per...
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At the beginning of the current fiscal year, the balance sheet of Hughey Inc. showed stockholders' equity of $527,000. During the year, liabilities increased by $24,000 to $239,000; paid-in capital increased by $33,000 to $178,000; and assets increased by $250,000. Dividends declared and paid during the year were $59,000.

Required:
Calculate net income or loss for the year.

 
 
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