Question & Answer: At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $439,000. During the yea…..

At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $439,000. During the year, liabilities decreased by $71,000; assets increased by $158,000; and paid-in capital increased by $29,000 to $386,000. Dividends declared and paid during the year were $121,000. At the end of the year, stockholders’ equity totaled $760,000.

Required:

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Calculate net income or loss for the year. (Amounts to be deducted should be indicated with a minus sign.)

Stockholders’ Equity
Assets = Liabilities + PIC + RE
Beginning = $439,000 + +
Changes 158,000 = (71,000) + 29,000 +
Ending = + $386,000 + $760,000 SE

Expert Answer

 

Assets = Liabilitis + PIC+ RE
Beginning 439000 29000
Changes 158000 -71000 357000 -121000
Ending 368000 386000 374000 ( 760000 – 386000 ) 760000 ( SE )

So, net income = 374000 + 121000 = $ 495000 since Op. bal. of Retained earnings + Net income – dividend = Cl. bal.of RE

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