Calculate net income or loss using the accounting equation


Calculate net income (or loss) using the accounting equation. At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities of $640,000. During the year liabilities decreased by $36,000, assets increased by $130,000, and paid-in capital increased from $60,000 to $384,000. Dividends declared and paid during the year were $50,000. At the end of the year, stockholders' equity totaled $858,000.

Required:
Calculate net income (or loss) for the year.

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Financial Accounting: Calculate net income or loss using the accounting equation
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