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

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Accounting

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At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $433,000. During the year, liabilities decreased by $77,000, assets increased by $155,000, and paid-in capital increased by $28,000 to $384,000. Dividends declared and paid during the year were $121,000. At the end of the year, stockholders' equity totaled $757,000. Required: Calculate net income or loss for the year. (Amounts to be deducted should be indicated with a minus sign.) Stockholders' Equity PIC RE Assets = Liabilities $ 433,000 + 155,000 = (77,000) + Beginning Changes = 28,000 + Ending = + $ 384,000 + $757,000 SE

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