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Hardin Company began operations in 2010. During the year, the following cash transactions occurred:

1. issued stock for $40,000
2. borrowed $24,000 from bank
3. provided services to customers for $53,000 cash
4. paid back $8,000 of the loan from the bank
5. paid rent expense, $9,000
6. purchased equipment costing $19,000
7. paid operating expenses, $29,000
8. paid $4,000 dividend to stockholders

Assuming that Hardin engaged in no transactions during the year other than those listed above, what was the amount of net income or loss for the year?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M969637

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