At the beginning of its current fiscal year, Willie Corporation's balance sheet showed assets of $12,400 and liabilities of $6,400. Du the year, liabilities decreased by $1,400. Net income for the year was $3,050, and net assets at the end of the year were $6,650. T 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. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Stockholders' Equity Assets = Liabilities + PIC RE Beginning: $ Changes: 12,400 = $ (750) = 6,400 +$ (1,400) + 0+ $ 0+ 6,000 3,050 +Net income Changes: Ending: (2,400) Dividends $ 11,650 = $ 5,000+ 0 + $ 6,650

At the beginning of its current fiscal year, Willie Corporation's balance sheet showed assets of $12,400 and liabilities of $6,400. Du the year, liabilities decreased by $1,400. Net income for the year was $3,050, and net assets at the end of the year were $6,650. T 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. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Stockholders' Equity Assets = Liabilities + PIC RE Beginning: $ Changes: 12,400 = $ (750) = 6,400 +$ (1,400) + 0+ $ 0+ 6,000 3,050 +Net income Changes: Ending: (2,400) Dividends $ 11,650 = $ 5,000+ 0 + $ 6,650

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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