At the beginning of its current fiscal year, Willie Corp.’s balance sheet showed assets of $10,100 and liabilities of $6,900. Du

Question

2 years ago

13

At the beginning of its current fiscal year, Willie Corp.’s balance sheet showed assets of $10,100 and liabilities of $6,900. Du

ring the year, liabilities decreased by $1,200. Net income for the year was $3,000, and net assets at the end of the year were $3,900. 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.)

Business