On January 1, total assets and liabilities had a fair market value of $30,000 and $12,000,...
On January 1, total assets and liabilities had a fair market value of $30,000 and $12,000, respectively. On December 31, total assets and liabilities were $28,000 and $20,000, respectively. During the year, $7,000 of dividends were declared and paid and no stock was purchased or issued. Calculate the amount of net income or loss for the year.
Homework Answers
| Equity = Total Assets - Total Liabilities | |
| Equity at the end of the year | $ 8,000 |
| ($28000-20000) | |
| Add: | |
| Dividend Paid | $ 7,000 |
| Less : | |
| Equity at the beginning of the year | $ 18,000 |
| ($30000-12000) | |
| Net loss | $ 3,000 |
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