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.