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Question: At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $12,600 and liabilities of $6,300. During the year, liabilities decreased by $1,300. Net income for the year was $3,100, and net assets at the end of the year were $7,100. There were no changes in paid-in capital during the year.

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

Assets 12,600 Liabilities PIC Retained Earnings

Beginning:________ 6,300 0 __________

Changes:________ 1,300 0 ___________

Ending:_________ 5,000 0 ___________

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Accounting Basics, Accounting

Category:- Accounting Basics
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