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Total assets were $66,000 and total liabilities were $36,000 at the beginning of the year. Net income for the year was $12,500, and dividends
Total assets were $66,000 and total liabilities were $36,000 at the beginning of the year. Net income for the year was $12,500, and dividends of $2,000 were declared and paid during the year. Assume that no other changes occurred during the year. Required: Calculate total stockholders' equity at the end of the year. Indicate the financial statement effect. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Assets Liabilities Beginning: $ 66,000 = $ 36,000+ Changes: Changes: Ending: Stockholders' Equity
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