Cash dividends of $50,000 were declared during the year. Cash dividends payable were $10,000 and $20,000 at the beginning and end of the year, respectively. The amount of cash for the payment of dividends during the year is Group of answer choices $40,000 $50,000 $70,000 $60,000

$40,000

Explanation:

The computation of the amount of cash for the payment of dividends during the year is shown below:

= Beginning dividends payable + Cash dividends Declared - Ending dividends payable

= $10,000 + $50,000 - $20,000

= $40,000

Hence, the amount of cash for the payment of dividends during the year is $40,000

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