At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $37,200 and
Question:
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.
(Set up an accounting equation for the beginning of the yew; changes during the yew; and at the end of the year. Enter known data and solve for the unknowns.) Here is a possible worksheet format:
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Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Related Book For 
Accounting What the Numbers Mean
ISBN: 978-1259535314
11th edition
Authors: David Marshall, Wayne McManus, Daniel Viele
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