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Consider the following balance sheets and income statement for Cruyff Enterprises. Cruyff paid $25,000 for rent in 2020. Compute the cash that Cruyff paid for

Consider the following balance sheets and income statement for Cruyff Enterprises. Cruyff paid $25,000 for rent in 2020. Compute the cash that Cruyff paid for dividends.

Cruyff Enterprises

Balance Sheets

As of December 31, 2020 and 2019

2020

2019

Assets:

Cash

$18,650

$ 14,900

Accounts Receivable

42,000

36,000

Inventory

60,500

50,000

Prepaid Rent

3,000

1,400

Property, Plant and Equipment

230,000

205,600

Less: Accumulated Depreciation

(75,000)

(65,000)

Total Assets

$279,150

$242,900

Liabilities and Stockholders Equity:

Accounts Payable

$26,500

$21,000

Interest Payable

650

400

Unearned Revenue

7,000

10,000

Bonds Payable

37,000

37,000

Common Stock

20,000

15,000

Additional Paid-In Capital

48,000

40,000

Retained Earnings

140,000

119,500

Total Liabilities and Stockholders Equity:

$279,150

$242,900

Cruyff Enterprises

Income Statement

For the year ended December 31, 2020.

Sales Revenue

$ 470,000

Cost of Goods Sold

315,000

Wage Expense

71,000

Rent Expense

xx,xxx

Depreciation Expense

15,000

Interest Expense

19,000

Net Income

yy,yyy

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