Question
Company XYZ has the following data for year 2016: 1/1/2016 12/31/2016 Total assets $100,000 $108,000 Total liabilities $36,000 $28,000 Owners contributions: $10,000 $3,000 dividend is
Company XYZ has the following data for year 2016:
1/1/2016 12/31/2016
Total assets $100,000 $108,000
Total liabilities $36,000 $28,000
Owners contributions: $10,000
$3,000 dividend is distributed during the period.
Compute the amount of net income (or loss) for year 2016.
Please explain step by step
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Financial Accounting Tools For Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine, Christopher D. Burnley
8th Canadian Edition
111959457X, 978-1119594574
