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12 August, 03:41

Cash dividends of $45,000 were declared during the year. Cash dividends payable were $10,000 at the beginning of the year and $15,000 at the end of the year. The amount of cash for the payment of dividends during the year isA. $50,000B. $40,000C. $55,000 D. $35,000

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  1. 12 August, 06:49
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    The amount of cash for the payment of dividends during the year is B. $40,000

    Explanation:

    To Determine the amount of cash for the payment of dividends during the year, we open a Dividends Payable T - Account and find the amount via missing figure approach as follows:

    Debits:

    Cash (Balancing figure) $40,000

    Ending of year Dividends Payable $15,000

    Totals $55,000

    Credits:

    Beginning of year Dividends Payable $10,000

    Dividends declared during the year $45,000

    Totals $55,000
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Home » Business » Cash dividends of $45,000 were declared during the year. Cash dividends payable were $10,000 at the beginning of the year and $15,000 at the end of the year. The amount of cash for the payment of dividends during the year isA. $50,000B. $40,000C.
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