Solution-Calculate the dividends if any declared during the

Calculate the dividends if any declared during the year

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Reference no: EM131697885

Question 1 - The information presented here represents selected data from the December 31, 2013, balance sheets and income statements for the year then ended for three firms.

Required: Calculate the missing amounts for each firm.

Total assets, 12/31/13	$ 404,000	$ 539,000	$ 333,000
Total assets, 12/31/13	$ 404,000	$ 539,000	$ 333,000
Total liabilities, 12/31/13	219,000	132,000
Paid-in capital, 12131/13	77,000	104,000	32,000
Retained earnings, 12/31/13	108,000	303,000
Net income for 2013	84,000	88,000	116,000
Dividends declared and paid during 2013	52,000	27,000	69,000
Retained earnings, 1/1/13	76,000	242,000	34,000

Question 2 - At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $13,300 and liabilities of $5,000. During the year, liabilities decreased by $1,500. Net income for the year was $3,800, and net assets at the end of the year were $9,400. There were no changes in paid-in capital during the year.

Required: Calculate the dividends, if any, declared during the year.

Reference no: EM131697885

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Calculate the dividends if any declared during the year

Reference no: EM131697885

Reference no: EM131697885

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