Cash dividends of $80,000 were declared during the year. Cash dividends payable were $10,000 and $20,000...
Cash dividends of $80,000 were declared during the year. Cash dividends payable were $10,000 and $20,000 at the beginning and end of the year, respectively. The amount of cash for the payment of dividends during the year is:
$85,000
$80,000
$70,000
$75,000
Homework Answers
Ending Cash dividends payable=Beginning Cash dividends payable+Cash dividends declared during the year-Cash dividends paid for the year
20,000=10,000+80,000-Cash dividends paid for the year
Cash dividends paid for the year=10,000+80,000-20,000
=70,000
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