The records of Jones Company show the following at December $31,2018$ :

$($Click the icon to view the data.$)$

Read the requirements.

Requirement $1.$ Compute the missing amount for Jones Company. You will need to determine Retained Earnings, December $31,2018,$ and total stockholders' equity, December $31,2018.$

Begin by determining total stockholders' equity. Rework the accounting equation and then solve for stockholders' equity $("$equity$")$ at the beginning and end of the period.

$\backslash$table$[[,$Assets,$-,$Liabilities,$=,$Equity$],[$Beginning$,62000,-,44000,=,18000],[$Ending$,78000,-,49000,=,29000]]$

Identify the formula and then solve for the retained earnings balance at the end of the period.

$\backslash$table$[[$Revenue$,,$Dividends,$=,$Ending retained earnings$],[29000,,4000,,25000]]$

Ending liabilities

Requirement $2.$ Did Jones earn a net income or suffer a net loss for the year? Compute the amount.

Data table$\backslash$end$\{$array$\}]$

$\backslash$table$[[$Assets & Liabilities:,,,Equity:,,$],[$Beginning:$,,,$Common Stock,$$,10,000],[$Assets$,,62,000,$Dividends,,$4,000],[$Liabilities$,,44,000,$Revenues,,$177,000],[$Ending:$,,,$Expenses,,$0],[$Assets$,,78,000,\backslash$table$[[$Retained Earnings, January $1,],[2018]],,8,000],[$Liabilities$,,49,000,,,]]$