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; 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' equality totaled $379,000.
Calculate net income or loss for the year;
A = L + PIC + RE
Beginning $______ $________ $_______ $_________
This solution illustrates how to find a company's net income using the Accounting Equation.