During 2010,Smith Corporation had an increase in total assets of $70,000 and an increase in total liabilities of $90,000.Assuming that capital stock increased by $5,000 and no dividends were paid,calculate Smith's net income or net loss for 2010.

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The Answer of During 2010,Smith Corporation had an increase in total assets of $70,000 and an increase in total liabilities of $90,000.Assuming that capital stock increased by $5,000 and no dividends were paid,calculate Smith's net income or net loss for 2010.

During 2010,Smith Corporation Had an Increase in Total Assets of $70,000