Davis Ltd.’s total assets and total liabilities were $27,000 and $18,000 respectively at the beginning of...
Davis Ltd.’s total assets and total liabilities were $27,000 and $18,000 respectively at the beginning of the current year, and $31,000 and $20,000 respectively at the end of the current year. If the company issued no common shares during the year and earned $4,000 in net income, how much did it declare in dividends?
Homework Answers
Stockholder's equity = Total assets-Total liabilities
Beginning = 27000-18000 = 9000
Ending = 31000-20000 = 11000
Dividend = Beginning equity+Net income-Ending equity
= 9000+4000-11000
Dividend = 2000
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