Selected data and additional information from the company's records are presented below:
Balance Sheet Data Cash Accounts receivable Inventories Accounts payable Salaries payable Equipment Accumulated depreciation Bonds payable Common shares Retained earnings Year 2 $235,000$120,00056,00038,00010,000110,00028,000100,000300,00076,000 Year 1 246,000$150,00050,00070,0005,00070,00032,000200,000200,00040,000
Income Statement Data Net sales Cost of goods sold Operating expenses (excluding depreciation expense) Net income (including depreciation expense and gain) Gain on sale of equipment Year 2 $920,000700,000160,00056,0004,000
Additional information:
1. Equpment with a cost of $30,000 and abogk value of \$18,000 was sald for $22,000 during Year 2.
2. Common shares were issued to retire bonds payable during Year 2.
3. The only items affecting retained earnings in Year 2 were net income and dividends declared and paid.
-Refer to Mary Kay Cosmetics.What amount was declared and paid for dividends during Year 2?
Definitions:
Automatic System
A cognitive processing system that operates quickly, with little or no conscious effort, often in response to environmental stimuli.
Cross-Cultural Differences
The variations in how different cultures perceive, interpret, and interact with the world around them.
Social Psychologists
Experts who study how individual behavior and thought are influenced by social environments and interactions.
Cultural Psychologists
Professional researchers who study how cultures reflect and shape the psychological processes of their members.