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Question
Given the following financial statements for ACME Corporation, what amount did the company pay in dividends for 2010?| Income Statement | Balance Sheet | ||||||
| Year Ended 12/31/10 | 12/31/2010 | 12/31/2009 | |||||
| Sales | $1,300,000 | Current Assets | $50,000 | $45,000 | |||
| Cost of Goods Sold | 750,000 | Gross Fixed Assets | 880,000 | 650,000 | |||
| Operating Expenses | 200,000 | Less Accumulated Depreciation | 450,000 | 350,000 | |||
| Depreciation Expense | 100,000 | Fixed Assets | 430,000 | 350,000 | |||
| EBIT | 250,000 | Total Assets | $480,000 | $395,000 | |||
| Interest Expense | 50,000 | ||||||
| EBT | 200,000 | Current Liabilities | $35,000 | $50,000 | |||
| Taxes | 80,000 | Long-term Debt | 330,000 | 270,000 | |||
| Net Income | $120,000 | Common Stock | 5,000 | 5,000 | |||
| Retained Earnings | 110,000 | 70,000 | |||||
| Total Liabilities & Equity | $480,000 | $395,000 | |||||
A) $45,000
B) $25,000
C) $100,000
D) $80,000
Answer
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