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What is the maximum amount of dividends per share the firm

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Reference no: EM132546341

Phillips Rock and Mud is trying to determine the maximum amount of cash dividends it can pay this year. Assume its balance sheet is as follows:

Assets

Cash $389,000

Accounts receivable 890,000

Fixed assets 996,000

Total assets $2,275,000

Liabilities and Stockholders' Equity

Accounts payable $505,000

Long term payable 335,000

Common stock (290,000 shares at $2 par) 580,000

Retained earnings 855,000

Total liabilities and stockholders' equity $2,275,000

Question 1: From a legal perspective, what is the maximum amount of dividends per share the firm could pay?

Reference no: EM132546341

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