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 $60,000 in cash dividends and issued an additional $45,000 of capital stock.
Calculate the net income for the year.
Definitions:
Proportionate Share
An individual's or group's fair or equitable portion of a whole, often related to shares in a company or distribution of assets.
Professional Malpractice Insurance
A form of liability insurance that helps protect professionals from financial loss resulting from claims of negligence or incompetence.
Negligence Claims
Legal demands for compensation by individuals who have suffered injury or loss due to another party's failure to exercise the appropriate level of care.
Insurance Policy
A contract between an insurer and a policyholder that determines the claims which the insurer is legally required to pay.
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