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 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.