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  3. at the beginning of the current fiscal year, the b

At the beginning of the current fiscal year, the balance sheet of Cummings Company showed...

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Accounting

At the beginning of the current fiscal year, the balance sheet of Cummings Company showed liabilities of $431,000. During the year, liabilities decreased by $74,000, assets increased by $150,000, and paid-in capital increased by $26,000 to $383,000. Dividends declared and paid during the year were $124,000. At the end of the year, stockholders' equity totaled $759,000.
Required:
Calculate net income or loss for the year.
Note: Amounts to be deducted should be indicated with a minus sign.
\table[[,Assets,=,Liabilities,+,Stockholders' Equity,],[,,PIC,+,RE,],[Beginning,,=,$,431,000,+,,,+,,],[Changes,150,000,=,,(74,000),+,,26,000,+,,],[Changes,-,,,,,,,,,],[Ending,,=,$,357,000,+,$,383,000,+?,,$759,000SE
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