The Following Are Relevant Account Balances from Hampton's Comparative Balance

question 44

Essay

The following are relevant account balances from Hampton's comparative balance sheet and 2017 income statement. Hampton's balance sheets:
$$\begin{array}{l}\begin{array} { | l | l | l | } \hline &\text { December } 31,2017 & \text { January } 1,2017 \\\hline\text { Cash } & \$ 6,000 & \$ 9,000 \\\text { Accounts receivable } & 8,000 & 12,000 \\\text { Merchandise irventory } & 29,000 & 18,000 \\\text { Prepaid rent } & 6,000 & 4,000 \\\text { Equipment } & 100,000 & 8000 \\\text { Accumulated depreciation } & ( 28,000 ) & ( 13,000 ) \\\text { Tatal assets } & \$ 121,000 & \$ 110,000 \\& & \\\text { Accounts payable } & \$ , 000 & \$ 25,000 \\\text { Dividends payable } & 6,000 & 4,000 \\\text { Cammon stock } & 38,000 & 32,000 \\\text { Retained earnings } & 68,000 & 49000 \\\text { Total liabilities and shareholders' equity } & \$ 121,000 & \$ 110,000\\\hline\end{array}\end{array}$$
Other information:
No equipment was sold or retired during 2017. Hampton's net income for 2017 was $33,000.
Calculate the amount of dividends paid during 2017.

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Definitions:

Physiological Response

A natural, automatic bodily reaction to stimuli, which can include changes in heart rate, hormone levels, or muscle tension.

Behavioral Response

A behavioral response is an observable action or set of actions taken by an individual in reaction to an external or internal stimulus.

Emotional Response

The psychological reaction to a stimulus, characterized by feelings such as happiness, anger, fear, or sadness.

Hans Selye

A pioneering Hungarian-Canadian endocrinologist known for his research on the stress response and for introducing the concept of "General Adaptation Syndrome".