Problemthe december 31 2012 balance sheet for thomas, Ask an Expert

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Problem:

The December 31, 2012, balance sheet for Thomas Company showed total stockholders' equity of $73,000. Total stockholders' equity increased by $42,500 between December 31, 2012, and December 31, 2013. During 2013 Thomas Company acquired $10,700 cash from the issue of common stock. Thomas Company paid an $9,500 cash dividend to the stockholders during 2013.

Required:

Question: Determine the amount of net income or loss Thomas reported on its 2013 income statement.

Note: Please show how to work it out.

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M91163622

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