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jeyben [28]
3 years ago
15

The balance of stockholder's equity at the beginning of the year and the end of the year was 70,000 and 60,000, respectively. Th

e company issued no common stock during the year. Dividends were 22,000. What was the net income or loss for the year?
Business
1 answer:
ivann1987 [24]3 years ago
6 0

Answer: 12,000

Explanation:

Given that,

Stockholder's equity at the beginning of the year = 70,000

Stockholder's equity at the end of the year = 60,000

Dividends = 22,000

Net Income = Ending Balance + Dividends - Beginning Balance

                    = 60,000 + 22,000 - 70,000

                    = 12,000

Therefore, the net income for the year was 12,000.

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