Exercise 2-15 (Algo) Calculate dividends using the accounting equation LO 2-2, 2-3 At the beginning of its current fiscal year, Willie Corporation's balance sheet showed assets of $10,000 and liabilities of $6,100. During the year, liabilities decreased by $1,200. Net income for the year was $3,350, and net assets at the end of the year were $4,550. 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. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Stockholders' Equity Assets Liabilities PIC RE Beginning: $ 10,000 = $ Changes: = 6,100 +$ (1,200) + 0+ 0+ Changes: Ending: 0+
Exercise 2-15 (Algo) Calculate dividends using the accounting equation LO 2-2, 2-3 At the beginning of its current fiscal year, Willie Corporation's balance sheet showed assets of $10,000 and liabilities of $6,100. During the year, liabilities decreased by $1,200. Net income for the year was $3,350, and net assets at the end of the year were $4,550. 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. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Stockholders' Equity Assets Liabilities PIC RE Beginning: $ 10,000 = $ Changes: = 6,100 +$ (1,200) + 0+ 0+ Changes: Ending: 0+
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Exercise 2-15 (Algo) Calculate dividends using the accounting equation LO 2-2, 2-3
At the beginning of its current fiscal year, Willie Corporation's balance sheet showed assets of $10,000 and liabilities of $6,100. During
the year, liabilities decreased by $1,200. Net income for the year was $3,350, and net assets at the end of the year were $4,550. 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.
Note: Enter decreases with a minus sign to indicate a negative financial statement effect.
Stockholders' Equity
Assets
Liabilities
PIC
RE
Beginning:
$ 10,000 = $
Changes:
=
6,100 +$
(1,200) +
0+
0+
Changes:
Ending:
0+
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