Colonial Furniture's Net Profits Before Taxes for 2019 Totaled $354,000

question 21

Essay

Colonial Furniture's net profits before taxes for 2019 totaled $354,000.The company's total retained earnings were $338,000 for 2018 year-end and $389,000 for 2019 year-end.Colonial is subject to a 21 percent tax rate.What was the cash dividend declared by Colonial Furniture in 2019?

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Definitions:

Pharma Corporation

A company involved in the development, production, and marketing of pharmaceutical drugs and medications.

Financial Information

encompasses data related to the monetary aspects of an individual or organization, such as assets, liabilities, income, and expenses.

Securities Act

A federal law enacted in 1933 that governs the primary issuance of securities (stocks, bonds) to the public, aiming to ensure transparency and prevent fraud in the securities market.

Accredited Investors

Individuals or entities that meet certain financial criteria, allowing them to invest in securities not registered with financial authorities.