Cash dividends are paid on the basis of the number of shares:

a. authorized. b. issued. c. outstanding. d. outstanding less the number of treasury shares.

c. outstanding

Explanation:

The cash dividend is paid on the basis of the outstanding number of shares i. e issued shares minus treasury shares

It can't be paid on the basis of authorized, issued or outstanding less the number of treasury shares. The treasury shares are those shares that are held after buyback and do not retire them.

This dividend paid is reflected in the retained earnings statement which is to be deducted from the net income