Answer:
-$43,200
Explanation:
Required:
Calculate net income (or loss) for the year. (Negative amounts should be indicated by a minus sign.)
assets = liabilities + stockholders' equity
ending liabilities = $256,000 - $14,400 = $241,600
ending stockholders' equity = $343,200
ending assets = $241,600 + $343,200 = $584,800
beginning assets = $584,800 - $52,000 = $532,800
beginning liability = $256,000
beginning stockholders' equity = $532,800 - $256,000 = $276,800
beginning stockholders' equity $276,800
+ additional paid in capital $129,600
- dividends ($20,000)
+ net income ?
= ending balance stockholders' equity $343,200
net income = ending balance stockholders' equity + dividends - additional paid in capital - beginning balance = $343,200 + $20,000 - $129,600 - $276,800 = -$43,200
