Total Assets 79,000
Total Liabilities 67,000

What's the net income assuming that there were no dividents for the year.

With that little info I would say $12,000 (79,000 - 67,000)
But that would never real be the case in real life

Quote:

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Originally Posted by crash08

With that little info I would say $12,000 (79,000 - 67,000)
But that would never real be the case in real life

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Well, I thought of that but that 12,000 would be classified as Owner's Equity...

Unless I missed something and Owner's Equity is Net Income?

Net Income is revenues minus the expenses. These are part of the Income statement not the balance sheet. The number of 12000 is just the owners equity.