Calculate dividends declared during 2018

• A. 130,000

• B. 140,000

• C. 147,000

• D. 17,000

Johnston Enterprises
Balance Sheet and Income Statement Data
	31-Dec-18	31-Dec-17
Current Assets:
Cash	153,000	119,000
Accounts Receivable	238,000	306,000
Inventory	391,000	340,000
Total Current Assets	782,000	765,000
Property, Plant, and Equipment	1,241,000	1,122,000
Less: Accumulated Depreciation	(476,000)	(442,000)
Property, plant & equip, net	765,000	680,000
Total Assets	1,547,000	1,445,000
Current Liabilities:
Accounts Payable	187,000	102,000
Dividends Payable	51,000	68,000
Salaries and wages payable	85,000	76,500
Total Current Liabilities	323,000	246,500
Bonds Payable	340,000	391,000
Total Liabilities	663,000	637,500
Stockholders' Equity:
Common Stock	510,000	467,500
Retained Earnings	374,000	340,000
Total Stockholders' Equity	884,000	807,500
Total Liabilities & Stockholders' Equity	1,547,000	1,445,000
Sales Revenue	1,615,000	1,513,000
Less Cost of Goods Sold	751,000	731,000
Gross Profit	864,000	782,000
Expenses:
Depreciation Expense	153,000	136,000
Salaries and Wages Expense	391,000	357,000
Interest Expense	34,000	34,000
Loss on Sale of Equipment	12,000	-
Income Before Taxes	274,000	255,000
Less Income Tax Expense	110,000	102,000
Net Income	164,000	153,000