Exercise 8-8 (Static) Review exercise-calculate net income LO 8-7 At the beginning of the current fiscal year, the balance sheet of Cummings Company showed liabilities of $657,000. During the year, liabilities decreased by $108,000, assets increased by $231,000, and paid-in capital increased by $30,000 to $570,000. Dividends declared and paid during the year were $186,000. At the end of the year, stockholders' equity totaled $1,137,000. Required: Calculate net income or loss for the year. Note: Amounts to be deducted should be indicated with a minus sign. Beginning Changes Changes Ending Assets Liabilities + = $ 657,000+ (108,000) + 231,000 = + Stockholders' Equity RE PIC + + 30,000 + $570,000+ $1,137,000 SE

Exercise 8-8 (Static) Review exercise-calculate net income LO 8-7 At the beginning of the current fiscal year, the balance sheet of Cummings Company showed liabilities of $657,000. During the year. liabilities decreased by $108,000, assets increased by $231,000, and paid-in capital increased by $30,000 to $570,000. Dividends declared and paid during the year were $186,000. At the end of the year, stockholders' equity totaled $1,137,000. Required: Calculate net income or loss for the year. Note: Amounts to be deducted should be indicated with a minus sign