Question: Milligan had a beginning balance in Retained Earnings of
Milligan had a beginning balance in Retained Earnings of $ 64,970. During the year, it generated a net income of $ 65,300. At the end of the year, the Retained Earnings account had a balance of $ 95,100. In addition, Milligan’s Dividends Payable account increased by $ 2,000 during the year. What is the total amount shown on the statement of cash flows as “cash paid for dividends”? In what section is this disclosed?
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