Saved At the beginning of its current fiscal year, Willie Corporation's balance sheet showed assets of...

Transcribed Image Text:

Saved At the beginning of its current fiscal year, Willie Corporation's balance sheet showed assets of $11,900 and abilities of $6,200. During the year, liabilities decreased by $1,300. Net income for the year was $3,200, and net assets at the end of the year were $6,500. 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. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Stockholders' Equity Assets Liabilities PIC RE Beginning: $ 11,900 6,200 $ 0+ Changes: (1,300)+ 0+ Changes: Ending: + 0+ Saved At the beginning of its current fiscal year, Willie Corporation's balance sheet showed assets of $11,900 and abilities of $6,200. During the year, liabilities decreased by $1,300. Net income for the year was $3,200, and net assets at the end of the year were $6,500. 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. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Stockholders' Equity Assets Liabilities PIC RE Beginning: $ 11,900 6,200 $ 0+ Changes: (1,300)+ 0+ Changes: Ending: + 0+