Consider the following simplified financial statements for the Phillips Corporation (assuming no income taxes):

Income Statement		Balance Sheet
Sales	$23,000	Assets	$10,300	Debt	$6,100
Costs	14,100			Equity	4,200
Net income	$8,900	Total	$10,300	Total	$10,300

Phillips has predicted a sales increase of 10 percent. It has predicted that every item on the balance sheet will increase by 10 percent as well.

Required:

Calculate the dividend paid. (Do not round your intermediate calculations.)

rev: 09_17_2012

Multiple Choice

• $9,349

• $9,370

• $20,960

• $9,353

• $9,357