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At the beginning of its current fiscal year, Willie Corp.’s balance sheet showed assets of $14,000...

At the beginning of its current fiscal year, Willie Corp.’s balance sheet showed assets of $14,000 and liabilities of $6,000. During the year, liabilities decreased by $1,100. Net income for the year was $3,350, and net assets at the end of the year were $8,950. There were no changes in paid-in capital during the year.

Required:

Calculate the dividends, if any, declared during the year. (Negative amounts should be indicated by a minus sign.)

Stockholders’ Equity
Assets = Liabilities + PIC + RE   
Beginning: $14,000 = $6,000 + $0 +
Changes: = (1,100) + 0 +
Ending: = + 0 +
business   accounting   
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