Determining cash payments to stockholders
The board of directors declared cash dividends totaling $1,100,000
during the current year. The comparative balance sheet indicates
dividends payable of $220,000 at the beginning of the year and
$100,000 at the end of the year. This information has been
collected in the Microsoft Excel Online file. Open the spreadsheet,
perform the required analysis, and input your answer in the
question below.
What was the amount of cash payments to stockholders during the
year? Round your answer to the nearest dollar.
$
Cash dividends declared = $1,100,000
Dividend payable at the beginning = $220,000
Dividend payable at the end = $100,000
Cash payments to stockholders during the year = Cash dividends declared + Dividend payable at the beginning - Dividend payable at the end
= 1,100,000 + 220,000 - 100,000
= $1,220,000
Please ask if you have any query related to the question. Thank you
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