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At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $11,900 and liabilities of $5,600. During the year, liabilities decreased by $900. Net income for the year was $3,100, and net assets at the end of the year were $7,100. There were no changes in paid- in capital during the year. Required: Calculate the dividends, if any, declared during the year. I

At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $11,900 and liabilities of $5,600. During the year, liabilities decreased by $900. Net income for the year was $3,100, and net assets at the end of the year were $7,100. There were no changes in paid- in capital during the year. Required: Calculate the dividends, if any, declared during the year. I

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $11,900 and liabilities of $5,600. During the year, liabilities decreased by $900. Net income for the year was $3,100, and net assets at the end of the year were $7,100. There were no changes in paid- in capital during the year. Required: Calculate the dividends, if any, declared during the year. I
Transcribed Image Text:At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $11,900 and liabilities of $5,600. During the year, liabilities decreased by $900. Net income for the year was $3,100, and net assets at the end of the year were $7,100. There were no changes in paid- in capital during the year. Required: Calculate the dividends, if any, declared during the year. I
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