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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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A recent annual report for FedEx contained the following data:
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But it does not involve the allowance for uncollectible accounts  as it is not shown in the cash budget because it is shown under the debtors side with the negative amount of the balance sheet

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Assets

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Less: Allowance for uncollectible accounts       XXXXX  

Net account receivable                                      XXXXX

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