Reference no: EM132492995
Comparative Statements of Financial Position
December 31
2020 2019
Cash.............................................................................. $ 43,000 $ 24,000
Accounts receivable, net............................................... 35,000 38,000
Inventory........................................................................ 114,000 82,000
Land............................................................................... 120,000 190,000
Building........................................................................... 200,000 200,000
Accumulated depreciation............................................. (50,000) (40,000)
Equipment...................................................................... 1,030,000 600,000
Accumulated depreciation............................................. (118,000) (94,000)
....................................................................................... $1,374,000 $1,000,000
Accounts payable (merchandise purchases only)....... $ 115,000 $ 100,000
Salaries payable............................................................ 20,000 -0-
4% Bonds payable......................................................... 300,000 -0-
Common shares............................................................ 750,000 750,000
Retained earnings.......................................................... 189,000 150,000
....................................................................................... $1,374,000 $1,000,000
SYCAMORE CORPORATION
Income Statement
For year ended December 31, 2020
Sales................................................................................ $ 1,075,000
Cost of goods sold........................................................... 640,000
Depreciation expense...................................................... 94,000
Salaries expense............................................................. 140,000
Rent expense.................................................................. 72,000
Other operating expenses, including bond interest......... 14,000
Net loss on disposal of assets........................................ 10,000
Income taxes expense.................................................... 21,000
Net income....................................................................... $ 84,000
Question 1: with the information above how calculate the cash dividend paid out