Using the accounting equation to determine net income (Learning Objectives 5 & 6) 15–20 min.

Presented here is information for Hastings, Inc., for the year ended October 31, 2014.

Requirements 1. What is the beginning stockholders’ equity of Hastings, Inc.?
2. What is the ending stockholders’ equity of Hastings, Inc.?
3. What is the net income or net loss for the year?AppendixLO1

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Beginning: Assets Liabilities........... Ending: Assets...... Liabilities...... Stockholders' Equity: Sale of Stock.. Payment of Dividends Hastings, Inc. $ 83,000 36,000 $162,000 31,000 $ 20,000 71,000