Exercise 2-15 (Algo) Calculate dividends using the accounting equation LO 2-2, 2-3 At the beginning of its current fiscal year, Willie Corporation's balance sheet showed assets of $10,000 and liabilities of $6,100. During the year, liabilities decreased by $1,200. Net income for the year was $3,350, and net assets at the end of the year were $4,550. 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. Stockholders' Equity Assets Liabilities PIC RE Beginning: $ 10,000 = $ Changes: = 6,100 +$ (1,200) + 0+ 0+ Changes: Ending: 0+

Exercise 2-15 (Algo) Calculate dividends using the accounting equation LO 2-2, 2-3 At the beginning of its current fiscal year, Willie Corporation's balance sheet showed assets of $10,000 and liabilities of $6,100. During the year, liabilities decreased by $1,200. Net income for the year was $3,350, and net assets at the end of the year were $4,550. 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. Stockholders' Equity Assets Liabilities PIC RE Beginning: $ 10,000 = $ Changes: = 6,100 +$ (1,200) + 0+ 0+ Changes: Ending: 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 13E: Ratio of liabilities to stockholders equity and times interest earned The following data were taken...

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