At the Beginning of the Current Fiscal Year, Surrey Corp

question 21

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. $$\begin{array} { | l | c | l | c | l | c | l | } \hline & \mathrm { A } & = & \mathrm { L } & + & \text { SE } & \\\hline \text { Beginning } & \$ 675,000 & = & \$ 525,000 & + & ( 1 ) & \\\hline \text { Changes } & & & - 35,000 & + & + 175,000 & \text { Net income } \\\hline & & & & & - ( 2 ) & \text { Dividends } \\\hline \text { Ending } & ( 4 ) & & ( 3 ) & & \$ 193,000 & \\\hline\end{array}$$

---

Definitions:

Integration

The process of combining or incorporating different groups, such as racial or ethnic minorities, into mainstream society, aiming for equality and unity.

Black Power

Post-1966 rallying cry of a more militant civil rights movement.

Civil Rights Movement

A decades-long struggle by African Americans to end legalized racial discrimination, segregation, and disenfranchisement in the United States.

Economic Problems

Issues that disrupt or impair the efficient functioning of an economy, such as inflation, unemployment, and recession.