Financial accounting question from Horngren book?
Question - The following data pertain to Franciso Corporation. Total assets at january 1, 20X1 were $110,000 ; at December 31, 20X1, $ 124,000. During 20X1, sales were $354,000 , cash dividends were $5000, and operating expenses (EXCLUSIVE of the cost of goods sold) were 200,000. Total liabilities at December 31,20X1 were $55,000 ; at january 1, 20X1, $50,000. There was no additional capital paid in during 20X1.
Compute the following :
(1)Stockholder's equity, January 1, 20X1 and December 31,20X1
(2)Net Income for 20X1
(3)Cost of the goods sold for 20X1
PS : Introduction to financial accounting by Horngren, Sundem, Elliot book has good theory but it does not give hints or solutions at the end and there is no students manual. The instructor manual is impossible to get.