At the beginning of the current fiscal year, the balance sheet of Hughey Incorporated showed stockholders' equity of $ 520,000. During the year, liabilities increased by $25,000 to $237,000, paid-in capital increased by $35,000 to $ 175,000, and assets increased by $259,000. Dividends declared and paid during the year were $49,000. Required: Calculate net income or loss for the year. Note: Amounts to be deducted should be indicated with a minus sign.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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At the beginning of the current fiscal year, the balance sheet of Hughey Incorporated showed stockholders' equity of $
520,000. During the year, liabilities increased by $25,000 to $237,000, paid-in capital increased by $35,000 to $
175,000, and assets increased by $259,000. Dividends declared and paid during the year were $49,000. Required:
Calculate net income or loss for the year. Note: Amounts to be deducted should be indicated with a minus sign.
Transcribed Image Text:At the beginning of the current fiscal year, the balance sheet of Hughey Incorporated showed stockholders' equity of $ 520,000. During the year, liabilities increased by $25,000 to $237,000, paid-in capital increased by $35,000 to $ 175,000, and assets increased by $259,000. Dividends declared and paid during the year were $49,000. Required: Calculate net income or loss for the year. Note: Amounts to be deducted should be indicated with a minus sign.
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