(solution) At the beginning of its current fiscal year, Willie Corp.'s

(solution) At the beginning of its current fiscal year, Willie Corp.'s

At the beginning of its current fiscal year, Willie Corp.?s balance sheet showed assets of $12,300 and liabilities of $6,300. During the year, liabilities decreased by $1,400. Net income for the year was $3,300, and net assets at the end of the year were $7,200. There were no changes in paid-in capital during the year.