Question

At the beginning of its current fiscal year, Willie Corp.s balance sheet showed assets of $13,300 and liabilities of $6.400.

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Answer #1

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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Answer #2
How do you find the net income and dividend ?
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