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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Cash used for payment of dividends = Dividends payable at the beginning of the year + Dividends declared during the year - Dividends payable at the end of the year = $20,000 + $60,000 - $25,000 = $55,000

Norris Company Declared Cash Dividends of $60,000 During the Year