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Exercise 2-16(Static) Calculate net income (or loss) using the accounting equation LO 2-2,2-3 ...

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Accounting

Exercise 2-16(Static) Calculate net income (or loss) using the accounting equation LO 2-2,2-3
At the beginning of the current fiscal year, the balance sheet for Davis Company showed liabilities of $160,000. During the year, liabilities decreased by $9,000, assets increased by $33,000, and paid-in capital increased from $15,000 to $96,000. Dividends declared and paid during the year were $12,000. At the end of the year, stockholders equity totaled $215,000.
Required:
a. Calculate net income (or loss) for the year. Indicate the financial statement effect.

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