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Total assets were $52,000 and total liabilities were $29,000 at the beginning of the year. Net income for the year was $9,000, and dividends of
Total assets were $52,000 and total liabilities were $29,000 at the beginning of the year. Net income for the year was $9,000, and dividends of $3,000 were declared and paid during the year. Required: Calculate total stockholders' equity at the end of the year. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Stockholders' Assets Liabilities + Equity $ 52,000 = $ 29,000 + Beginning: Changes: Ending: + $ 0
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