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ABC Company's balance sheets for 2019 are given below:

                                                                    January 1, 2019                                                  December 31, 2019

ASSETS:

Cash                                                                          ?                                                             59,000

Accounts receivable                                           71,000                                                             ?

Inventory                                                                   ?                                                             90,000

Prepaid insurance                                               13,000                                                                ?

Investments                                                               ?                                                                  ?

Land                                                                           ?                                                               73,000

 

LIABILITIES + EQUITY:

Accounts payable                                              39,000                                                             32,000

Salaries payable                                                  11,000                                                                 ?

Unearned revenue                                              10,000                                                               21,000

Notes payable                                                         ?                                                                        ?

Common stock                                              104,000                                                                 130,000

Retained earnings                                         58,000                                                                      67,000

 

ABC Company's 2019 income statement is given below:

 

Sales revenue   385,000

Cost of goods sold   194,000

Salaries expense   79,000

Insurance expense   62,000

Loss on sale of land            17,000

Net income      33,000

The following cash flows were taken from ABC Company's 2019 statement of cash flows

Cash collected from customers                 404,000
Cash received from the sale of land            16,000
Cash received from bank loans                  15,000
Cash received from the issue of common stock     ?
Cash paid to purchase inventory              <207,000>
Cash paid for salaries                        <71,000>
Cash paid for insurance                       <59,000>
Cash paid to purchase land                    <57,000>
Cash paid to purchase investments             <24,000>
Cash paid for dividends                          ?

Calculate the amount of cash paid for dividends during 2019. Enter your answer as a number (i.e., 98,000). Do not use decimals, a minus sign, or brackets in your answer.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92562017
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