Total equity at december 31 2008 is equal to 75 of total

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Reference no: EM13575339

The following information was taken from the accounting records of XYZ Company for the year ended

December 31, 2008:

Cost of Goods Sold            $50,000
Salaries Payable                $34,000
Inventory                           $70,000
Cash                                   ?
Accounts Payable               $52,000
Common Stock                   $80,000
Accounts Receivable           $35,000
Retained Earnings              $50,000 (at January 1, 2008)
Salaries Expense                $31,000
Dividends                            ?
Interest Revenue                $11,000
Supplies                               $10,000
Notes Payable                      $94,000
Patent                                  $65,000
Sales Revenue                     $97,000
Equipment                            $91,000
Income Tax Expense            $10,000

Additional information
Total equity at December 31, 2008 is equal to 75% of total liabilities at December 31, 2008.

Calculate the amount of dividends XYZ Company paid to its stockholders during 2008.

Reference no: EM13575339

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