The accountant for Robinson 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 BEGINNING OF YEAR   $156,000 CAHS DIVIDENS DECLARED FOR THE YEAR                                 $46,000 PROCEEDS FROM SALE OF EQUIPMENT                            $81,000 GAIN ON SALE OF EQUIPMENT                                                         $7,000 CASH DIVIDENDS PAYABLE BEGINNING OF YEAR                      $18,000 CASH DIVIDENDS PAYABLE ENDING OF YEAR                      $40,000 NET INCOME                                                                                           $92,000 The amount of cash dividends paid during the year would be:

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question

The accountant for Robinson 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 BEGINNING OF YEAR   $156,000

CAHS DIVIDENS DECLARED FOR THE YEAR                                 $46,000

PROCEEDS FROM SALE OF EQUIPMENT                            $81,000

GAIN ON SALE OF EQUIPMENT                                                         $7,000

CASH DIVIDENDS PAYABLE BEGINNING OF YEAR                      $18,000

CASH DIVIDENDS PAYABLE ENDING OF YEAR                      $40,000

NET INCOME                                                                                           $92,000

The amount of cash dividends paid during the year would be: 

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Financial Statements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education