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Norris Company declared cash dividends of $60,000 during the year. Cash dividends payable were $20,000 at the beginning of the year and $25,000 at the end of the year. The amount of cash Norris Co. used for payment of dividends during the year was

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Answer:

$55,000

Explanation:

The computation of the payment of dividend during the year is shown below:

Payment of dividend = Opening balance of cash dividend payable + declared cash dividend - ending balance of cash dividend payable

= $20,000 + $60,000 - $25,000

= $55,000

By applying the above formula we can easily find out the payment of dividend

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