A Company Declares Cash Dividends on the Last Day of the Year

A company declares cash dividends on the last day of the year. Payment will be made during the following fiscal period. Cash flows

A) from operations will be less than if dividends were not declared.
B) from operations will be more than if dividends were not declared.
C) from investing activities will be less than if dividends were not declared.
D) from financing activities will be less than if dividends were not declared.
E) will be the same as if dividends had not been declared.