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Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094

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BuyFindarrow_forward

Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094
Textbook Problem

Determining cash payments to stockholders

The board of directors declared cash dividends totaling $585,000 during the current year. The comparative balance sheet indicates dividends payable of $167,625 at the beginning of the year and $ 146,250 at the end of the year. What was the amount of cash payments to stockholders during the year?

To determine

Statement of cash flows: It is one of the financial statement that shows the cash and cash equivalents of a company for a particular period. It determines the net changes in cash through reporting the sources and uses of cash due to the operating, investing, and financing activities of a company.

To Determine: The amount of cash (dividends) paid to stockholders during the year.

Explanation

Working note:

Calculate the amount of increase or decrease in dividends payable:

(Increase or decrease individends payable )(Beginning balance of dividends payable -<

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