Net Income Formula - What Is It, Formula In Excel
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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 160,000. During the year, liabilities decreased by 9,000, assets increased by 33,000, and paid-in capital increased from 15,000 to 96,000. Dividends declared and paid during the year were 12,000. At the end of the year, stockholders’ equity totaled 215,000. Required: Calculate net income (or loss) for the year. (Hint: Set up an accounting
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