At the beginning of its current fiscal year, Willie Corp.s balance sheet showed assets of $67,600 and
Question:
At the beginning of its current fiscal year, Willie Corp.’s balance sheet showed assets of $67,600 and liabilities of $33,000. During the year, liabilities decreased by $5,000. Net income for the year was $20,400, and net assets at the end of the year were $48,000. There were no changes in paid-in capital during the year.
Required:
Calculate the dividends, if any, declared during the year.
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