Answer:
Dividends declared…………………………………………………………………………… $364,000
Add decrease in dividends payable………………………………………………………… 13,300
Dividends paid to stockholders during the year………………………………………… $377,300
EX 16-8 Determining cash payments to stockholders
The board of directors declared cash dividends totaling $364,000 during the current year. The comparative balance sheet indicates dividends payable of $104,300 at the beginning of the year and $91,000 at the end of the year. What was the amount of cash payments to stockholders during the year?
Answer:
Dividends declared…………………………………………………………………………… $364,000
Add decrease in dividends payable………………………………………………………… 13,300
Dividends paid to stockholders during the year………………………………………… $377,300
Answer:
Dividends declared…………………………………………………………………………… $364,000
Add decrease in dividends payable………………………………………………………… 13,300
Dividends paid to stockholders during the year………………………………………… $377,300