Nelly Inc.'s comparative balance sheet at January 31, 2013, and 2012, reports the following (in millions): Calculate

Question:

Nelly Inc.'s comparative balance sheet at January 31, 2013, and 2012, reports the following (in millions):

Calculate the net income (loss) for eachsituation?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...