At the beginning of the current fiscal year, the balance sheet of Arches Co. showed liabilities of $380,000. During the year liabilities increased by $10,000, assets increased by $55,000, and paid-in capital increased $20,000 to $165,000. Dividends declared and paid during the year were $60,000. At the end of the year, owners' equity totaled $402,000. Calculate net income or loss for the year

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As a hint, you need to consider your accounting equation (and if you don't know it, learn it now), and also that:

beginning retained earnings
+ net income
- dividends declared
= ending retained earnings

You'll have to plug numbers in and do some work backwards.