At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $12,400 and

Question:

At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $12,400 and liabilities of $7,000. During the year, liabilities decreased by $1,200. Net income for the year was $3,000, and net assets at the end of the year were $6,000. There were no changes in paid-in capital during the year.

Required:

Calculate the dividends, if any, declared during the year. Here is a possible worksheetformat:

At the beginning of its current fiscal year, Willie Corp.'s

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...