Question
Salahs net income for the year ended December 31, Year 2 was $197,000. Information from Salahs comparative balance sheets is given below. At December 31
Salah’s net income for the year ended December 31, Year 2 was $197,000. Information from Salah’s comparative balance sheets is given below.
At December 31 | Year 2 | Year 1 | ||||
Common Stock, $5 par value | $ | 512,000 | $ | 460,800 | ||
Paid-in capital in excess of par | 960,000 | 863,800 | ||||
Retained earnings | 700,000 | 592,800 | ||||
Compute the cash paid for dividends during Year 2.
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
13th edition
978-1-119-4110, 1119411483, 9781119411017, 978-1119411482
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