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Use the following Financial statements to answer: Great Lakes Manufacturing Inc. comparative Statement of Financial Position at December 31in (000)'s 20X5 20X4 Cash $ 5,100

Use the following Financial statements to answer:

Great Lakes Manufacturing Inc. comparative Statement of Financial Position at December 31in (000)'s

20X5 20X4
Cash $ 5,100 $ 4,800
Accounts Receivable $ 9,010 $ 6,100
Inventory $ 10,400 $ 14,000
Prepaid Expenses $ 1,950 $ 1,020
Equipment $ 58,500 $ 59,900
Accumulated Depreciation - equipment $ (33,100 ) $ (32,000 )
Total Assets $ 51,860 $ 53,820
Account Payable $ 7,000 $ 11,400
Interest Payable $ 350 $ 110
Income taxes payable $ 650 $ 500
Dividends Payable $ 2,400 $ 3,200
Long-term Notes Payable $ 17,500 $ 17,000
Common shares $ 22,000 $ 20,000
Retained Earnings $ 1,960 $ 1,610
Total Liabilities & Shareholders' Equity $ 51,860 $ 53,820

Great Lakes Manufacturing Inc.
Income Statement
Year Ended December 31, 20X5 in (000)'s
Sale $ 130,000
Cost of goods sold $ 97,000
Gross Profit $ 33,000
Operating Expenses $ 30,000
Gain on Sale of equipment $ (1,000 ) $ 29,000
Profit from Operations $ 4,000
Other expenses
Interest Expense $ 200
Profit before Income Tax $ 3,800
Income Tax Expense $ 1,550
Profit $ 2,250

Additional Information:

  • Operating expenses include depreciation expense of $3,500,000
  • Accounts Payable related to the purchase of inventory
  • Equipment that cost $3,900,000 was sold at a gain of $1,000,000
  • New equipment was purchased during the year for $2,500,000
  • Dividends declared and paid in 20X5 totalled $1,900,000
  • Common shares were sold for $2,000,000 cash
  • Interest payable in 20X5 was $240,000 greater than interest payable in 20X4

What was the total payment of Cash Dividends when the direct cash flow method is used?

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