How much in dividends did the company pay to its shareholders during Year 2? Show your work. Income statement Year ended Dec. 31, Year 2RevenuesTotal sales revenuesS 1,560,000ExpensesCost of goods soldWages expenseSupplies expenseRent expenseDepreciation expenseInsurance expenseUtilities expenseInterest expenseTotal expenses668,000186,00046,000120,00020,000100,000165,00084,0001,389,000$ 171,000Net income Balance sheetsDec. 31, Year 2Dec. 31, Year 1AssetsCashAccounts receivableSuppliesPrepaid insurancePrepaid rentInventory280,000268,000180,000200,00020,00040,00030,00022,00060,00024,000300,000870,000270,000824,000480,000Total current assetsEquipmentAccumulated depreciationLand480,000(100,000)80,000(80,000)80,000Other non-current assetsTotal assets100,0001,430,000110,0001,414,000Liabilities and Stockholders' EquityAccounts payableWages payableInterest payableUtilities payable140,00032,00016,000170,00048,00018,00056,00062,000250,000160,000Total current liabilities292,000Notes payable160,000Other non-current liabilities40,000450,000600,000380,00066,000518,000600,000296,000Total liabilitiesContributed capitalRetained earningsTotal stockholders equityTotal liabilities + stockholders equity S980,0001,430,000896,0001,414,000

The dividend is considered as a part of the distributable profit distributed by the company to its…

Income statement Year ended Dec. 31, Year 2 Revenues Total sales revenues S1,560,000 Expenses Cost of goods sold Wages expense Supplies expense Rent expense Depreciation expense Insurance expense Utilities expense Interest expense Total expenses 668,000 186,000 46,000 120,000 20,000 100,000 165,000 84,000 1,389,000 $ 171,000 Net income

Income statement Year ended Dec. 31, Year 2 Revenues Total sales revenues S1,560,000 Expenses Cost of goods sold Wages expense Supplies expense Rent expense Depreciation expense Insurance expense Utilities expense Interest expense Total expenses 668,000 186,000 46,000 120,000 20,000 100,000 165,000 84,000 1,389,000 $ 171,000 Net income

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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