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At the beginning of its current fiscal year, Willie Corp.s balance sheet showed assets of $12,100 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 $12,100 and liabilities of $6,100. During the year, liabilities decreased by $1,000. Net income for the year was $2,550, and net assets at the end of the year were $6,550. There were no changes in paid-in capital during the year. Required: Calculate the dividends, if any, declared during the year. (Negative amounts should be indicated by a minus sign.)
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