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Phillips Rock and Mud is trying to determine the maximum amount of cash dividends it can pay this year. Assume its balance sheet is as
Phillips Rock and Mud is trying to determine the maximum amount of cash dividends it can pay this year. Assume its balance sheet is as follows: Assets Cash $ 386,000 Accounts receivable 836,000 Fixed assets 1,048,000 Total assets $2,270,000 Liabilities and Stockholders Equity Accounts payable $ 459,000 Long-term payable 371,000 Common stock (295,000 shares at $1 par) 295,000 Retained earnings 1,145,000 Total liabilities and stockholders
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