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:

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter1: The Role Of Accounting In Business

Section: Chapter Questions

Problem 1.1.2P: Income statement, retained earnings statement, and balance sheet The amounts of the assets and...

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