At the beginning of the current fiscal year, the balance sheet of Hughey Incorporated showed...
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Accounting
At the beginning of the current fiscal year, the balance sheet of Hughey Incorporated showed stockholders' equity of $515,000. During the year, liabilities increased by $27,000 to $239,000, paid-in capital increased by $36,000 to $176,000, and assets increased by $261,000. Dividends declared and paid during the year were $46,000. Required: Calculate net income or loss for the year. Note: Amounts to be deducted should be indicated with a minus sign.
Answer is not complete. Assets = Liabilities + Stockholders Equity PIC + RE Beginning not attempted = not attempted + not attempted + not attempted $515,000 SE Changes 261,000 = 27,000 + 36,000 + not attempted Dividendsselected answer correct Changes not attempted Net incomeselected answer correct Ending not attempted = $239,000 + $176,000 + not attempted
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