Homework Answers
Ans:
|
Calculate the dividend |
Shareholders' Equity |
|||||||
|
Assets |
= |
Liabilities |
+ |
PIC |
+ |
Retained Earnings |
||
|
Beginning |
$13300 |
= |
$6,400 |
+ |
$0 |
+ |
$6,900 |
|
|
Changes |
= |
+ |
+ |
-$2700 |
||||
|
$3,700 |
||||||||
|
Ending |
13000 |
= |
$5,100 |
+ |
$0 |
+ |
$7,900 |
Ending Liabilities=Beginning Liabilities-Decrease in Liabilities
Ending Liabilities=6400-1300=5100
Ending Net Assets=Ending total Assets-Ending total Liabilities
7900= Ending total Assets -5100=
Ending total assets=13000
Ending RE=Ending Assets-Ending Liabilities
Ending RE=13000-5100=7900
Dividend=Beginning RE + Net Income – Ending RE
=6900+3700-7900=2700
Net Income=3700
Hope this helped ! Let me know in case of any queries.
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Calculate the dividends, if any, declared during the year. Indicate
the financial statement effect. (Enter decreases with a
minus sign to indicate a negative...
At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $14,700 and liabilities of $6,000. During the year, liabilities decreased by $1,100. Net income for the year was $3,100, and net assets at the end of the year were $9,600. 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...
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