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At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $438,000. During the year, liabilities decreased by $72,000;
At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $438,000. During the year, liabilities decreased by $72,000; assets increased by $154,000; and paid-in capital increased by $20,000 to $380,000. Dividends declared and paid during the year were $124,000. At the end of the year, stockholders' equity totaled $758,000. |
Required: |
Calculate net income or loss for the year. (Amounts to be deducted should be indicated with a minus sign.) |
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