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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