The total assets and the total liabilities of a business at the beginning and at the end of the year appear below. During the year, the company paid $55,000 in cash dividends and issued an additional $33,000 of capital stock.
Calculate the net income for the year.
Definitions:
Goods
Tangible products or merchandise that are produced, bought, and sold in the course of business operations.
Incidental Damages
Compensation for additional unexpected expenses that arise directly from a breach of contract, beyond the direct loss or damage incurred.
Breach
The violation or breaking of a legal obligation or agreement, which can result in legal action against the party that fails to honor their part of the contract.
Lessor
The party or entity that leases or rents property to another party, known as the lessee, under a lease agreement.
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