At the beginning of its current fiscal year, Willie Corporation's balance sheet showed assets of $12,400 and liabilities of $6,400. Du the year, liabilities decreased by $1,400. Net income for the year was $3,050, and net assets at the end of the year were $6,650. T were no changes in paid-in capital during the year. Required: Calculate the dividends, if any, declared during the year. Indicate the financial statement effect. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Stockholders' Equity Assets = Liabilities + PIC RE Beginning: $ Changes: 12,400 = $ (750) = 6,400 +$ (1,400) + 0+ $ 0+ 6,000 3,050 +Net income Changes: Ending: (2,400) Dividends $ 11,650 = $ 5,000+ 0 + $ 6,650
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- At the beginning of its current fiscal year, Willie Corporation' s balance sheet showed assets of $11, 100 and liabilities of $ 5,200. During the year, liabilities decreased by $800. Net income for the year was $2, 600, and net assets at the end of the year were $6,400. There were no changes in paid - in capital during the year. Required: Calculate the dividends, if any, declared during the year. Indicate the financial statement effect. Note: Enter decreases with a minus sign to indicate a negative financial statement effect.At the beginning of its current fiscal year, Willie Corporations balance sheet showed assets of $ 11, 100 and liabilities of $6,700. During the year, liabilities decreased by $700. Net income for the year was $2,700, and net assets at the end of the year were $4,700. There were no changes in paid - in capital during the year. Required:Calculate the dividends, if any, declared during the year. Indicate the financial statement effect.Note: Enter decreases with a minus sign to indicate a negative financial statement effect.\table[[, Assets, =, Liabilities,+, Stockholders' Equity], [, PIC,\table [[ + ], [ + ]], RE], [Beginning:,, 11, 100, , $, 6, 700, +, S, 0], [Changes: ,,,,, (700), +,, 0, +,], [Changes:], [Ending:,,, | =,,, | +,, 0, +,]] = Beginning: Changes: Changes: Ending: Assets = Liabilities + $ 11,100 = $ 6,700 + (700) + || 3 || Stockholders' Equity RE $ PIC 0 + 0 + 0 +. The following are the amounts of Care Corporation’s assets and liabilities at May 31, 2010 and its revenue and expenses for the year ended on that date, listed in alphabetical order. Care Corporation had share capital of P50,000 and accumulated profits of P87,390 on June 1, the beginning of the fiscal year. During the year, the corporation paid cash dividends of P25,000. Accounts payable P 48,320 Accounts receivable 68,840 Advertising expense 14,600 Cash 40,150 Insurance expense 12,000 Land 150,000 Miscellaneous expense 3,140 Notes payable 22,000 Prepaid insurance 2,000 Rent…
- At the beginning of its current fiscal year, Willie Corp's balance sheet showed assets of $14,600 and liabilities of $5,400. During the year, liabilities decreased by $1,000. Net income for the year was $3.100, and net assets at the end of the year were $9,900. There were no changes in paid-in capital during the year. Required: Calculate the dividends, if any, declared during the year. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Stockholders' Equity Assets = Liabilities PIC RE Beginning: $ 14,600 $ 5,400 Changes: (1,000) + Ending:Goldfinger Corporation had account balances at the end of the currentyear as follows: sales revenue, $29,000; cost of goods sold, $12,000;operating expenses, $6,200; and income tax expense, $4,320. Assumeshareholders owned 4,000 shares of Gold finger's common stock duringthe year. Prepare Goldfinger's income statement for the current year.Calculate dividends, if any, declared during the year from the given information: Wallace Corp balance sheet showed assets of P12,600 and liabilities of P6,300 at the beginning of its current fiscal year. During the year, liabilities decreased by P1,300. Net income for the year was P3,100, and net assets at the end of the year were P7,100. There were no changes in paid-in capital during the year.
- Superior has provided the following information for its recent year of operation: The common stock account balance at the beginning of the year was $17,000 and the year-end balance was $18,500. The additional paid-in capital account balance increased $4,200 during the year. The retained earnings balance at the beginning of the year was $95,000 and the year-end balance was $96,000. Net income was $43,000. How much did Superior sell its common stock for during the year?The year-end balance sheet of Pointe Company shows average Pointe shareholders’ equity attributable to controlling interest of $7,997 million, net operating profit after tax of $2,308 million, net income attributable to Pointe of $2,513 million, and common shares issued of 760.035 million. Assume the company has no preferred shares issued. Calculate Pointe’s ROE for the year.Golden Corporation declared and paid $4,600 of cash dividends during the current year ended December 31. Its financial statements also reported the following summarized data: Required: 1. Complete the horizontal analyses for each item in Golden Corporation's comparative financial statements. TIP: Calculate the increase (decrease) by subtracting the previous year from the current year. Calculate the percentage by dividing the amount of increase (decrease) by the previous-year balance. (Decreases should be indicated by a minus sign. Round percentage values to 1 decimal place.) 2-a. Use the horizontal (trend) analyses to identify the accounts where a large percentage change is accompanied by a small dollar change. (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.) 2-b. Use the horizontal (trend) analyses to identify the accounts…
- Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31 of the prior year were inventory, $51,900; total assets, $249,400; common stock, $81,000; and retained earnings, $36,386.) Assets Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Operating expenses Interest expense Income before taxes Income tax expense Net income CABOT CORPORATION Income Statement For Current Year Ended December 31 Sales $ 448,600 297,950 Cost of goods sold Gross profit (1) Req 1 and 2 Req 3 Req 4 Req 5 (2) $ 18,000 8,400 150,650 98,700 4,200 47,750 19,236 $ 28,514 Complete this question by entering your answers in the tabs below. Compute the current ratio and acid-test ratio. Numerator: 30,400 34,150 2,750 150,300 $ 244,000 Total liabilities and equity Required: Compute the following: (1) current ratio, (2) acid-test ratio, (3) days' sales…Selected current year-end financial statements of Genesis Corporation follow. All sales were on credit; selected balance sheet amounts at December 31 of the prior year were inventory, $48,900; total assets, $189,400; common stock, $90,000; and retained earnings, $33,748. Compute the following: total asset turnover, return on total assets, and return on equity. Round to one decimal place.Superior has provided the following information for its recent year of operation: The common stock account balance at the beginning of the year was $12,000 and the year-end balance was $16,000. The additional paid-in capital account balance increased $3,700 during the year. The retained earnings balance at the beginning of the year was $70,000 and the year-end balance was $91,000. Net income was $38,000. How much were Superior's dividend declarations during its recent year of operation? Multiple Choice $59,000. $17,000. The dividend declarations cannot be determined given the above information. $38,000.