Homework Answers
| Stockholder' Equity | ||||||||
| Asset | = | Liabilities | + | PIC | + | RE | ||
| Beginning | $13600 | = | $6700 | + | $0 | + | $6900 | |
| Changes: | -5900 | = | -900 | + | 0 | + | 2900 | Net income |
| + | -7900 | Dividends | ||||||
| Ending | $7700 | = | $5800 | + | $0 | + | $1900 | |
Beginning Retained earnings= Beginning assets-Beginning liabilities-Beginning PIC
= $13600-6700-0= $6900
Ending liabilities= $6700-900= $5800
Changes in assets= Beginning asset-Ending asset
= $13600-7700= $5900
Ending RE= Ending asset-Ending liabilities-Ending PIC
= $7700-5800-0= $1900
Dividends= Beginning RE+Net income-Ending RE
= $6900+2900-1900= $7900
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At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $13,600...
At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $13,600...
At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $13,600 and liabilities of $6,700. During the year, liabilities decreased by $900. Net income for the year was $2,900, and net assets at the end of the year were $7,700. There were no changes in paid-in capital during the year. points Required: Calculate the dividends, if any, declared during the year. Indicate the financial statement effect (Enter decreases with a minus sign to indicate a...
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At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $13,900 and liabilities of $6,900. During the year, liabilities decreased by $900. Net income for the year was $2,750, and net assets at the end of the year were $7,150. 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...
At the beginning of its current fiscal year, Willie Corp.’s balance sheet showed assets of $15,000...
At the beginning of its current fiscal year, Willie Corp.’s
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During the year, liabilities decreased by $1,000. Net income for
the year was $2,450, and net assets at the end of the year were
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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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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...
At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $14,700...
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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At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $13,300...
At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $13,300 and liabilities of $6.400. During the year, liabilities decreased by $1,300. Net income for the year was $3,700, and net assets at the end of the year were $7,900. 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...
At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $12,900...
At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $12,900 and liabilities of $5,900. During the sed by $1,400. Net income for the year was $3,600, and net assets at the end of the year were $8,000. 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 Indicate a negative financial statement effect.)...
At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $13,600 and liabilities of $6,700. During the year, liabilities decreased by $900. Net income for the year was $2,900, and net assets at the end of the year were $7,700. There were no changes in paid-in capital during the year. points Required: Calculate the dividends, if any, declared during the year. Indicate the financial statement effect (Enter decreases with a minus sign to indicate a...
At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $11,100 and liabilities of $5,200. During the year, liabilities decreased by $1,400. Net income for the year was $3,400, and net assets at the end of the year were $6,700. 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. (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 $13,900 and liabilities of $6,900. During the year, liabilities decreased by $900. Net income for the year was $2,750, and net assets at the end of the year were $7,150. 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...
At the beginning of its current fiscal year, Willie Corp.’s
balance sheet showed assets of $15,000 and liabilities of $6,500.
During the year, liabilities decreased by $1,000. Net income for
the year was $2,450, and net assets at the end of the year were
$9,050. 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...
At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $12,200 and liabilities of $6,600. During the year, liabilities decreased by $800. Net income for the year was $2,800, and net assets at the end of the year were $5,800. 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...
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...
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...
At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $14,400 and liabilities of $6,000. During the year, liabilities decreased by $1,300. Net income for the year was $3,200, and net assets at the end of the year were $8,900. 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...
At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $13,300 and liabilities of $6.400. During the year, liabilities decreased by $1,300. Net income for the year was $3,700, and net assets at the end of the year were $7,900. 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...
At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $12,900 and liabilities of $5,900. During the sed by $1,400. Net income for the year was $3,600, and net assets at the end of the year were $8,000. 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 Indicate a negative financial statement effect.)...
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