At the beginning of the current fiscal year, the balance sheet of Cummings Co. s

Question

At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $219,000. During the year, liabilities decreased by $36,000; assets increased by $77,000; and paid-in capital also increased by $10,000 to $190,000. Dividends declared and paid during the year were $62,000. At the end of the year, owners' equity totaled $379,000. Required: Calculate net income or loss for the year. (Negative amount should be indicated by a minus sign. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) OE A = L + PIC + RE Beginning $ = $ + $ + $ Changes = + + = + + -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Ending $ = $ + $ + $

Explanation / Answer

A = L + PIC + RE Beginning $485,000 = $219,000 + $180,000 + $86,000 Changes $77,000 = $-35000 + $10,000 + $165,000 0 = 0 + 0 + $-62,000 Ending $562,000= $183,000 + $190,000 + $189,000

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