Ramos Corp.started business at the beginning of the year, with assets of $600,000 and stockholders' equity of $240,000.By the end of the year, assets increased by $80,000 and liabilities increased by $60,000.Other than net income or loss, the only change in stockholders' equity was dividends declared and paid of $55,000.
A) What was the amount of Ramos Corp.stockholders' equity at the end of the year?
B) What was the amount of Ramos Corp.net income or net loss for the year?

Question

Quizplus · Accepted Answer

The Answer of Ramos Corp.started business at the beginning of the year, with assets of $600,000 and stockholders' equity of $240,000.By the end of the year, assets increased by $80,000 and liabilities increased by $60,000.Other than net income or loss, the only change in stockholders' equity was dividends declared and paid of $55,000.
A) What was the amount of Ramos Corp.stockholders' equity at the end of the year?
B) What was the amount of Ramos Corp.net income or net loss for the year?