Stockman Company had the following on the dates indicated:
Stockman Company had the following on the dates indicated:
12/31/18 12/31/17
total assets $540,000 $320,000
total liabilities 33,000 29,000
Stockman had no stock transactions in 2018, so the change in stockholders' equity for 2018 was due to net income and dividends. If dividends were $65,000, how much was Stockman's net income for 2018? Use the accounting equation and the statement of retained earnings.
- $281,000
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