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Calculate net income or loss using the accounting equation

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Problem 1: 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 $320,00. During the year, liabilities decreased by $18,000, assets increased by $65,000, and paid-in capital increased from $30,000 to $192,000. Dividends declared and paid during the year were $25,000. At the end of the year, stockholders equity' totaled $429,000.

Reference no: EM132656146

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