At the Beginning of the Current Fiscal Year, Surrey Corp

Essay

At the beginning of the current fiscal year, Surrey Corp.'s balance sheet showed assets of $675,000 and liabilities of $525,000. During the year, liabilities decreased by $35,000. Net Income for the year was $175,000, and net assets at the end of the year were $193,000. There were no changes in paid-in capital during the year.
Calculate the dividends, if any, declared during the year.
Calculate the total assets at the end of the year. $$\begin{array} { | l | c | l | c | l | c | l | } \hline & \mathrm { A } & = & \mathrm { L } & + & \text { SE } & \\\hline \text { Beginning } & \$ 675,000 & = & \$ 525,000 & + & ( 1 ) & \\\hline \text { Changes } & & & - 35,000 & + & + 175,000 & \text { Net income } \\\hline & & & & & - ( 2 ) & \text { Dividends } \\\hline \text { Ending } & ( 4 ) & & ( 3 ) & & \$ 193,000 & \\\hline\end{array}$$