The accountant for Mandarin Company is preparing the company\'s statement of cas

Question

The accountant for Mandarin Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available: Retained earnings balance at the beginning of the year $889,000 Net income for the year $265,000 Cash dividends declared for the year $49,000 Retained earnings balance at the end of the year $1,217,000 Cash dividends payable at the beginning of the year $11,400 Cash dividends payable at the end of the year $13,100 What is the amount of cash dividends paid that should be reported in the financing section of the statement of cash flows?

Explanation / Answer

Particulars      =   Amount

Beginning Cash dividends payable =$11,400

ADD:

Cash dividends for the year =$49,000

Less::

END Cash dividends payable = $13,100

_______________________________________

Dividends paid = $47,300 reported in the financing section .

__________________________________________

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