Calculate the net income or loss for 2011

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Reference no: EM13180501

An analysis of Goulding, Inc., disclosed changes in account balances for 2011 and the following supplementary data. From these data, calculate the net income or loss for 2011.

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Goulding sold 4,000 shares of its $5 par stock for $8 per share and received cash in full. Dividends of $20,000 were paid in cash during the year. Goulding borrowed $40,000 from the bank and made interest payments of $5,000. Goulding had no other loans payable. Interest of $2,000 was payable at December 31, 2011. There was no interest payable at December 31, 2010. Equipment of $15,000 was donated by stockholders during the year.

Reference no: EM13180501

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