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    Calculate Net Income or Loss for the Year for Hughey, Inc.

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    At the beginning of the current fiscal year, the balance sheet of Hughey Inc. showed owners' equity of $520,000. During the year, liabilities increased by $21,000 to $234,000: paid -in capital increased by $40,000 to $175,000: and assets increased by $260,000. Dividends declared and paid during the year were $55,000.

    Calculate net income or loss for the year.

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    This solution assists with calculating Hughey Inc.'s net income or loss for the year.