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At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $13,800 and liabilities of $6,200. During the year. liabilities decreased
At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $13,800 and liabilities of $6,200. During the year. liabilities decreased by $800. Net income for the year was $2.450, and net assets at the end of the year were $7.850. 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. (Enter decreases with a minus sign to Indicate a negative financial statement effect.) Stockholders' Equity RE PIC Assets = Liabilities + $ 13,800 = S 6,200 + (800) + + + Beginning: Changes: S 0 + Net income Dividends Ending: + 0+
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