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  1. business
  2. accounting
  3. at the beginning of the current fiscal year, the b

At the beginning of the current fiscal year, the balance sheet of Hughey, Inc., showed...

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Accounting

At the beginning of the current fiscal year, the balance sheet of Hughey, Inc., showed stockholders' equity of $260,000. During the year, liabilities increased by $11,000 to $116,000; paid-in capital increased by $20,000 to $90,000; and assets increased by $130,000. Dividends declared and paid during the year were $28,000.

Required:

Calculate net income or loss for the year.
Stockholders Equity
Assets = Liabilities + PIC + RE
Beginning = + + $260,000 SE
Changes 130,000 = 11,000 + 20,000 +
Ending = $116,000 + $90,000 +

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