Barclays Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available: Retained earnings balance at the beginning of the year$ 328,000Cash dividends declared for the year73,750Proceeds from the sale of equipment126,800Gain on the sale of equipment7,350Cash dividends payable at the beginning of the year32,450Cash dividends payable at the end of the year39,500Net income for the year162,250 The amount of cash paid for dividends was:

Dividend can be paid either in cash or in form of stock issue. The organization will issue stock…

Answered: Barclays Company is preparing the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Barclays Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available:

Retained earnings balance at the beginning of the year	$ 328,000
Cash dividends declared for the year	73,750
Proceeds from the sale of equipment	126,800
Gain on the sale of equipment	7,350
Cash dividends payable at the beginning of the year	32,450
Cash dividends payable at the end of the year	39,500
Net income for the year	162,250

The amount of cash paid for dividends was:

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