Question

Below are the current year’s changes in a company’s account balances, except for retained earnings. Accounts...

Below are the current year’s changes in a company’s account balances, except for retained earnings.

Accounts payable $4,000 decrease

Accounts receivable $25,000 increase

Additional paid-in capital $8,000 increase

Cash $14,000 decrease

Common stock $2,000 increase

Equipment $32,000 increase

Inventory $32,000 increase

Long-term liabilities $26,000 increase

Salaries payable $1,000 decrease

If net income was $50,000, how much did the company pay in dividends?

Format guidance: Enter whole numbers only. No dollar signs, commas, or decimal points.

Examples: 1000 or 20000

Business   Accounting   
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Answer #1
Assets:
Accounts receivable 25000
Cash -14000
Equipment 32000
Inventory 32000
Increase in Assets 75000
Liabilities and Equity:
Accounts payable -4000
Additional paid-in capital 8000
Common stock 2000
Long-term liabilities 26000
Salaries payable -1000
Increase in Liabilities and Equity 31000
Increase in Assets 75000
Less: Increase in Liabilities and Equity 31000
Increase in Retained Earnings 44000
Net income 50000
Less: Increase in Retained Earnings 44000
Dividends paid 6000
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