At the beginning of its current fiscal year, Willie Corporations balance sheet showed assets of $ 11, 100 and liabilities of $6,700. During the year, liabilities decreased by $700. Net income for the year was $2,700, and net assets at the end of the year were $4,700. 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.\table[[, Assets, =, Liabilities,+, Stockholders' Equity], [, PIC,\table [[ + ], [ + ]], RE], [Beginning:,, 11, 100, =,S, 6, 700, +, S, 0], [Changes: =,, (700), +,, 0, +,], [Changes:], [Ending:,,, | =,,, | +,, 0, +,]] }}} Beginning: Changes: Changes: Ending: Assets = Liabilities + 11,100 = SA $ 11 || C $ Stockholders' Equity RE 6,700 + $ (700) + + PIC 0 + 0 + 0 +
At the beginning of its current fiscal year, Willie Corporations balance sheet showed assets of $ 11, 100 and liabilities of $6,700. During the year, liabilities decreased by $700. Net income for the year was $2,700, and net assets at the end of the year were $4,700. 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.\table[[, Assets, =, Liabilities,+, Stockholders' Equity], [, PIC,\table [[ + ], [ + ]], RE], [Beginning:,, 11, 100, =,S, 6, 700, +, S, 0], [Changes: =,, (700), +,, 0, +,], [Changes:], [Ending:,,, | =,,, | +,, 0, +,]] }}} Beginning: Changes: Changes: Ending: Assets = Liabilities + 11,100 = SA $ 11 || C $ Stockholders' Equity RE 6,700 + $ (700) + + PIC 0 + 0 + 0 +
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter16: Financial Statement Analysis
Section: Chapter Questions
Problem 6E: The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal...
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