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Compute the amount of cash dividends actually paid in cash

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Reference no: EM131797318

Solving for Stockholders' Equity Amounts

Assume that the following amounts are known for Miles Company for the current year:

Retained Earnings, beginning balance

$420,000

Retained Earnings, ending balance

500,000

Cash dividends declared

100,000

Fair value of large stock dividend declared

50,000

Dividend Payable, beginning balance

90,000

Dividend Payable, ending balance

80,000

Required:

1. Assume that the only other amount that affected Retained Earnings during the year was the net income. Compute the net income for Miles Company for the current year.

2. Compute the amount of cash dividends actually paid in cash to stockholders during the year.

Reference no: EM131797318

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