Fernwood Compeny is prepering the company\'s stetement of cash flows for the fis

Question

Fernwood Compeny is prepering the company's stetement of cash flows for the fiscal year just ended The following information is aveileble: Retained earnings balance at the beginning of the year Cash dividends declared for the year Proceeds from the sale of equipment Gain on the sale of equipment Cash dividends payable at the beginning of the year Cash dividends payable at the end of the year Net income for the year $298,800 66.250 113,6ee 6,458 29,158 36,500 145,75e The ?mount of cash paid for dividends wos: Muiiple Choice 80100 $66.250 $79.500 $58.800 $55.550

Explanation / Answer

D. $58,900

The amount of cash paid for dividends was:

= Cash dividends declared for the year + Cash dividends payable at the beginning of the year - Cash dividends payable at the end of the year

= $66,250 + $29,150 - $36,500

= $58,900

Related Questions

Navigate

• Browse (All)
• Browse F
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.