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At the beginning of its current fiscal year, Willie Corp.s balance sheet showed assets of $11,100 and liabilities of $5,200.

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Answer #1

Answer:

Stockholders' equity
Assets = Liabilities + PIC + RE
Beginning $11,100 = $5,200 + $0 + $5,900
Changes: ($4,400) = ($1,400) + + ($6,400) - Dividends
= + + $3,400 + Net income
Ending: $6,700 = $3,800 + $0 + $2,900

Thus, Dividends is $6,400

Explanations:

i. Beginning, Retained earnings (RE) = Beginning, Assets - Beginning liabilities

= $11,100 - $5,200

=$5,900

ii.Ending, Retained earnings (RE) = Ending, Assets - Ending, liabilities

= $6,700 - $3,800

=$2,900

iii. Dividends = Beginning, Retained earnings + Net income - Ending, Retained earnings,

= $5,900 + $3,400 - $2,900

=$6,400

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