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Use the following information to calculate the net income for Samson Corporation: At the end of last year, Samson had total assets of $125,000, total
Use the following information to calculate the net income for Samson Corporation:
At the end of last year, Samson had total assets of $125,000, total liabilities of $70,000, and total stockholder's equity of $55,000. Assets increased $15,000 and the company added $10,000 in debt during the year. The only equity account that changed was retained earnings and not dividends were paid.
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