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At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $10,100 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 $10,100 and liabilities of $6,100. During the year, liabilities decreased by $1,000. Net income for the year was $3,100, and net assets at the end of the year were $4,700. There were no changes in paid-in capital during the year. Required: Calculate the dividends, if any, declared during the year. Stockholders' Equity Assets = Liabilities + PIC + RE 0 + $ 4,000 Beginning: $ 10,100 = Changes: $ 6,100+ (1,000) + II 0 + 3,100 + Net income - Dividends Ending: $ 5,100 + 0 +
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