Question
The following is the statement of stockholders' equity for Cloud Computer Service Company: Cloud Computer Service...
The following is the statement of stockholders' equity for Cloud
Computer Service Company:
| Cloud Computer Service Company | |||
| Statement of Stockholders' Equity | |||
| For the Year Ended December 31, 20Y8 | |||
| Common Stock |
Retained Earnings |
Totals |
|
| Balances, January 1, 20Y8 | $50,000 | $17,068 | $67,068 |
| Net income | ??? | ??? | |
| Dividends | (5,000) | (5,000) | |
| Balances, December 31, 20Y8 | $50,000 | $18,905 | $68,905 |
Calculate the net income to complete the statement.
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