At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $37,200 and liabilities of $21,000. During the year, liabilities decreased by $3,600. Net income for the year was $9,000, and net assets at the end of the year were $18,000. There were no changes in paid-in capital during the year. Required: Calculate the dividends, if any, declared during the year. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Stockholders' Equity Assets Liabilities + PIC RE Beginning: $ 37,200 = $ 21,000 + $ Changes: (3,600) + Ending:

At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $37,200 and liabilities of $21,000. During the year, liabilities decreased by $3,600. Net income for the year was $9,000, and net assets at the end of the year were $18,000. There were no changes in paid-in capital during the year. Required: Calculate the dividends, if any, declared during the year. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Stockholders' Equity Assets Liabilities + PIC RE Beginning: $ 37,200 = $ 21,000 + $ Changes: (3,600) + Ending:

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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applies to the questions displayed below.] Lone Star Company is a calendar-year corporation, and this year Lone Star reported $104,000 in current E&P that accrued evenly throughout the year. At the beginning of the year, Lone Star's accumulated E&P was $12,480. Lone Star declared $31,200 in cash distributions on each of the following dates: April 1, July 1, October 1, and December 31. Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. b. Suppose that Matt owned all Lone Star's shares at the beginning of the year and sold half of the shares to Chris on June 1st for $41,600. How much dividend income will Matt recognize this year? Answer is complete but not entirely correct. Dividend recognized $ 166,400 X
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