Cash dividends of $84354 were declared during the year. Cash dividends payable were $9,379 and $12,068...
Cash dividends of $84354 were declared during the year. Cash dividends payable were $9,379 and $12,068 at the beginning and end of the year, respectively. Determine the amount of cash for the payment of dividends during the year.
Homework Answers
At the start of the year, there was $9379 in the 'cash dividends
payable' account.
During the year another $84354 of cash dividends was declared, so
the balance of the 'cash dividends payable' account was then
$(84354+9379) = $93733
At the end of the year, the 'cash dividends payable'
account had a balance of $12068, so that means ($93733 - $12068) =
$81665 was actually paid out that year.
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