On September 1, Year 1, Orville Corporation has unrestricted retained earnings of $600,000, appropriated retained earnings of $400,000, cash of $850,000, and accounts payable of $50,000. What is the maximum amount that can be used for cash dividends?
A. $800,000
B. $850,000
C. $450,000
D. $600,000
Answer: D
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Carla and Eliza share income equally. During the current year the partnership net income was $40,000. Carla made withdrawals of $12,000 and Eliza made withdrawals of $17,000. At the beginning of the year, the capital account balances were: Carla capital, $42,000; Eliza capital, $55,000. Eliza's capital account balance at the end of the year is
A) $52,000 B) $58,000 C) $82,000 D) $75,000
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