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I have no idea what im doing please help! At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities
I have no idea what im doing please help!
At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities of $384,000. During the year, liabilities decreased by $21,600, assets increased by $78,000, and paid-in capital increased from $36,000 to $230,400. Dividends declared and paid during the year were $30,000. At the end of the year, stockholders' equity totaled $514,800. Required: Calculate net income (or loss) for the year. (Negative amounts should be indicated by a minus sign.) Stockholders' Equity Assets Liabilities PIC RE $799,200|-| Beginning: Changes: | $384,000|+| (21,600)|+ 36,000|+| $379.200 194,400| +: (94.800)Net income 78,000- (30,000) Dividends Ending: $877,200!= $362.400|+| 230400|+[5284.400|(S514.800 total SE) Statement of Stockholders' Equity (Partial) Retained earnings, beginning Add: Net income Less: Dividends Retained earnings, endingStep by Step Solution
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