During 2018, Comsat Corporation had Net Income of $30,000, and soldland at book value for cash. Comparative balance sheets follow:CashAccounts ReceivableLandBuildingsAccum. DepreciationTotalAccounts PayableCommon StockRetained EarningsTotalDecember 31, 2018 December 31, 2017$ 42,000$ 11,00021,00020,000026,00070,00070,000<15,000><10,000>$ 118,000$ 117,000$ 11,00080,00027,000$ 118,000$ 30,00070,00017,000$ 117,000What was the dollar amount of dividends paid in 2018 (hint,think of the Retained Earnings Statement)?

The ending balance of Retained earnings is impacted by the net income earned during the year and the…

During 2018, Comsat Corporation had Net Income of $30,000, and sold land at book value for cash. Comparative balance sheets follow: Cash Accounts Receivable Land December 31, 2018 December 31, 2017 $ 42,000 $ 11,000 21,000 20,000 26,000 0

During 2018, Comsat Corporation had Net Income of $30,000, and sold land at book value for cash. Comparative balance sheets follow: Cash Accounts Receivable Land December 31, 2018 December 31, 2017 $ 42,000 $ 11,000 21,000 20,000 26,000 0

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 6MC: Selected information from Brook Corporations accounting records and financial statements for 2019...

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Question

During 2018, Comsat Corporation had Net Income of $30,000, and sold
land at book value for cash. Comparative balance sheets follow:
Cash
Accounts Receivable
Land
Buildings
Accum. Depreciation
Total
Accounts Payable
Common Stock
Retained Earnings
Total
December 31, 2018 December 31, 2017
$ 42,000
$ 11,000
21,000
20,000
0
26,000
70,000
70,000
<15,000>
<10,000>
$ 118,000
$ 117,000
$ 11,000
80,000
27,000
$ 118,000
$ 30,000
70,000
17,000
$ 117,000
What was the dollar amount of dividends paid in 2018 (hint,
think of the Retained Earnings Statement)?

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