The accountant for Robinson Company is preparing the company's statement of cash flows for the fiscalyear just ended. The following information is available:RETAINED EARNINGS BALANCE AT BEGINNING OF YEAR $156,000CAHS DIVIDENS DECLARED FOR THE YEAR$46,000PROCEEDS FROM SALE OF EQUIPMENT$81,000GAIN ON SALE OF EQUIPMENT$7,000CASH DIVIDENDS PAYABLE BEGINNING OF YEAR$18,000CASH DIVIDENDS PAYABLE ENDING OF YEAR$40,000NET INCOME$92,000The amount of cash dividends paid during the year would be:

Dividends: The portion of the company's profit distributed among the shareholders or investors of…

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Business

Accounting

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

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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:

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