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 Company used for payment of dividends during the year was

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The cash used for payment of dividends is calculated as: Beginning dividends payable ($20,000) + Declared dividends ($60,000) - Ending dividends payable ($25,000) = $55,000.

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