Problem
The Arcadia company reported the following financial results during its first two years of operations:
Year End Assets = Liabilities + Shareholders Equity
Year 1..... 80,000 =$60,000 + 20,000
Year 2.... 70,000. =40,0000 +30,000
Assuming that no dividends were declared and that no additional capital was invested in Year 2. What was Arcadia's net income ( or loss) for year 2?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.