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At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $219,000. During the year, liabilities decreased by $36,000; assets increased by $77,000; and paid-in capital also increased by $10,000 to $190,000. Dividends declared and paid during the year were $62,000. At the end of the year, owners' equity totaled $379,000.

Required: Calculate net income or loss for the year.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9981314

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