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At the beginning of its current fiscal year, Willie Corp.s balance sheet showed assets of $10,200 and liabilities of $6,100. During the year, liabilities decreased
At the beginning of its current fiscal year, Willie Corp.s balance sheet showed assets of $10,200 and liabilities of $6,100. During the year, liabilities decreased by $800. Net income for the year was $2,650, 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. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Stockholders' Equity PIC RE Assets Liabilities + + $ 10,200 = $ 6,100 + $ 0 + Beginning: Changes: (800) + 0 + Ending: + 0 +
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