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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?

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Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124

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BuyFindarrow_forward

Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124
Chapter 16, Problem 8E
Textbook Problem
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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

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

Explanation of Solution

Working note: Calculate the amount of increase or decrease in dividends payable.

(Increase or decrease individends payable )(Beginning balance of dividends payable -Ending balance&#

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Chapter 16 Solutions

Financial Accounting
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