Accounting

 

13) Given the following financial statements for ACME Corporation, what amount did the company pay in dividends for 2010?

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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)   $80,000

B)  $110,000

C)   $70,000

D)  $40,000

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