Reference no: EM132524779

The following information was taken from the accounting records of XYZ Company for the year ended December 31, 2019:

Cost of Goods Sold                                        $50,000
Salaries Payable                                            $24,000
Inventory                                                    $70,000
Cash                                                                 ?
Accounts Payable                                         $25,000
Common Stock                                             $70,000
Accounts Receivable                                     $35,000
Retained Earnings                                         $40,000 (at January 1, 2019)
Salaries Expense                                          $33,000
Dividends                                                        ?
Interest Revenue                                         $11,000
Supplies                                                     $10,000
Notes Payable                                            $94,000
Patent                                                      $65,000
Sales Revenue                                           $97,000
Equipment                                                $91,000
Income Tax Expense                                   $10,000

Additional information

• Total equity at December 31, 2019 is equal to 70% of total liabilities at December 31, 2019.

Question 1: Calculate the amount of dividends XYZ Company paid to its stockholders during 2019.